Bring all ingredients to boil in heavy small saucepan, stirring until sugar dissolves. Reduce heat to medium and simmer until reduce to 1 cup, about 8 minutes. Transfer to a microwave-safe pitcher. Cover and chill. (Can be made 3 days ahead. Keep refrigerated.).
Preheat oven to 250°F Whisk first 6 ingredients in medium bowl. Whisk eggs and 1/4 cup melted butter in large bowl. Whisk in milk. Add dry ingredients to milk mixture, stirring just to blend (some lumps may remain).
Heat griddle over medium heat. Brush griddle lightly with melted butter. Working in batches and using 1/3-cup measure, ladle batter onto griddle. Cook until brown on bottom and bubbles form on top, about 2 minutes. Turn pancakes and cook until brown on bottom and cooked through, about 2 minutes longer. Transfer to baking sheet and place in oven to keep warm.
Rewarm nutmeg syrup in microwave. Divide pancakes among plates. Drizzle with nutmeg syrup, garnish with sliced bananas, and serve.