Take the butter out of the refrigerator and allow to soften to room temperature. This could take an hour or so, but you can also microwave it on a low power in 10-second bursts to speed it along.
Make the syrup
Using a kitchen scale, weigh out the corn syrup, egg whites and sugar and combine them in a heatproof bowl.
Either over a double boiler stirring constantly or in a microwave in 30-second bursts, heat the mixture. If using the microwave, stir well in between bursts.
Stop heating the mixture when it reaches 160°F (71°C), or, if you are using pasteurized egg whites, whenever the sugar is fully dissolved and there is no grittiness at all.
Cool the syrup by pouring it into a shallow metal pan or bowl. Cover, and either place it in the refrigerator or let it cool on the countertop. Continue checking the temperature about every 15 minutes until it reaches room temperature.
Create the buttercream
Place the room temperature butter into the bowl of a stand mixer fitted with the beater paddle attachment. Whip for at least 3 and up to 5 minutes, until very light in color and fluffy.
Add the egg white syrup in three portions, beating well after each addition.
At this point, your buttercream is done, but you can add food coloring and any flavors at this point. For vanilla flavor, add 2 Tablespoons of extract and beat well.
Store
You can pre-make the syrup and store it in the refrigerator for 2 weeks or the freezer for a month.
You can store the finished buttercream in the refrigerator for 2-3 weeks, or the freezer for about 2 months.