Cut the figs into quarters and then place in a food processor. Puree until the figs are almost smooth.
Place the puree in a medium-sized heavy-bottomed pot (not cast-iron) and stir in the sugar, water, and lemon juice.
Over medium-high heat, bring the mixture to a boil , stirring often , until the sugar is mostly dissolved. Reduce to medium.
Stirring occasionally, allow the mixture to simmer until it reaches a jam-like consistency. It should look shiny and fall off a spoon in thick, gooey clumps.
When it’s ready, remove from the heat and stir in the vanilla extract.
Transfer the jam to a clean jar, leaving about ¼-inch of space at the top. Loosely screw the lid on but don’t tighten it. Allow the jam to cool for about an hour and then place in the fridge. Once it has cooled completely, tighten the lid and store in the fridge until ready to use.
Spread on hot toast with cream cheese, and enjoy!