Pour milk into a blender. Add flour, oil, sugar, baking powder, vanilla extract, and salt. Blend for a few seconds until combined. Scrape flour off the sides and continue blending until smooth. Cover and refrigerate batter, 8 hours to overnight.
Blend water into the batter to restore the consistency.
Preheat oven to the lowest setting; place a plate inside.
Heat a nonstick skillet over medium heat. Pour a portion of the batter into the middle of the ungreased skillet. Cook until pancake starts to set and darken in color, 3 to 4 minutes. Flip and cook until browned on the other side, 1 to 2 minutes more. Place on the plate in the oven to keep warm. Repeat with remaining batter.