Combine all ingredients in a medium saucepan. Bring to a boil.

Reduce heat and bring to a simmer. Simmer for 15 minutes or until figs start to break apart.

Remove the vanilla bean from the pot. Slice in half lengthwise and open the bean. Gently scrape the tiny black seeds out of the bean and return them to the pan with the jam. Stir well to get the seeds mixed in.

Transfer the mixture to a food processor. Process until smooth and any large pieces of figs are gone (this step is optional if you want a chunkier texture).

Transfer to Mason jars and seal. Store on a towel, upside down, until jam cools completely. Then store in refrigerator. The jam will last for several weeks in the refrigerator.