Combine strawberries, sugar, and water in a saucepan. Simmer 10 minutes, mash berries, strain, and stir in vanilla.
Whisk cocoa powder, sugar, and water in another saucepan. Simmer 10 minutes, remove from heat, stir in vanilla.
For iced latte: Add both syrups to a glass, fill with ice, pour in milk and espresso, stir.
For hot latte: Add syrups to mug, pour in hot milk and espresso, stir.
Optional cold foam: Froth heavy cream, milk, and strawberry syrup until thick, then spoon on top.