Peel, core and cut apples and pears into large chunks. Add pears, apples, split vanilla bean and water to a large, heavy bottomed saucepan or Dutch oven.
Bring to a boil and reduce to a rapid simmer and cook, partially covered, 20 to 30 minutes or until apples and pears are softened. Stir frequently. Add more water if necessary for desired consistency.
Serve warm or refrigerate for up to one week. Remove vanilla bean before serving.