Stir together pancake mix and water in a medium bowl until large lumps disappear. Spray a medium nonstick skillet and a 4½-in.-wide heart-shape metal cookie cutter with nonstick spray. Heat the skillet over medium-low heat. Place a cookie cutter in skillet.

Pour ¼ cup of the pancake batter into the cookie cutter shape. Cook for 3 to 4 minutes or until bubbles begin to break on the surface. Remove cookie cutter using tongs. Carefully flip the pancake, using a large spatula. Continue cooking for 2 to 3 minutes more or until pancake is lightly browned on both sides and cooked through. Repeat cooking 5 more heart-shape pancakes with remaining batter.