1.To make caramel sauce, stir sugar and the water in a small saucepan over heat, without boiling, until sugar dissolves. Bring to the boil; boil, uncovered, without stirring, about 5 minutes or until golden-brown. Remove from heat; carefully stir in cream (be careful, toffee may spatter). Cool.
2.Whisk buttermilk, egg and banana in a medium jug until combined. Sift flour and soda into a medium bowl, stir in sugar; gradually whisk in buttermilk mixture until smooth. Transfer mixture to a large jug.
3.Heat one-quarter of the butter in a large non-stick frying pan. Pour 2 tablespoons of batter for each pikelet into pan. Cook pikelets until bubbles appear on surface; turn, brown other side. Remove from pan; cover to keep warm. Repeat with remaining butter and batter.
4.Beat cream and cinnamon in a small bowl with an electric mixer until soft peaks form.
5.Serve pikelets with cream, drizzled with sauce.