1Split vanilla bean lengthwise into halves. Scrape out seeds with tip of small knife. Set aside.
2To make Vanilla Simple Syrup, in 1-quart saucepan, mix sugar, water, vanilla seeds and bean. Heat to boiling over medium-high heat, stirring until sugar is dissolved. Remove from heat; set aside 1 hour to cool. Discard vanilla bean. Pour syrup into glass jar. Cover jar; refrigerate until needed. Makes 1 1/4 cups.
3To prepare cocktail, mash peach and orange slices with spoon in bottom of glass. Top with 1 1/2 teaspoons of the vanilla simple syrup and the vodka; add ice and soda. If desired, garnish with additional fruit slices or mint sprig.