Graph streams, which refer to the graph with edges being updated sequentially in a form of a stream, have wide applications such as cyber security, social networks and transportation networks. This paper studies the problem of summarizing graph streams. Specifically, given a graph stream G, directed or undirected, the objective is to summarize G as S with much smaller (sublinear) space, linear construction time and constant maintenance cost for each edge update, such that S allows many queries over G to be approximately conducted efficiently. Due to the sheer volume and highly dynamic nature of graph streams, summarizing them remains a notoriously hard, if not impossible, problem. The widely used practice of summarizing data streams is to treat each element independently by e.g., hash- or sampling-based method, without keeping track of the connections between elements in a data stream, which gives these summaries limited power in supporting complicated queries over graph streams. This paper discusses a fundamentally different philosophy for summarizing graph streams. We present gLava, a probabilistic graph model that, instead of treating an edge (a stream element) as the operating unit, uses the finer grained node in an element. This will naturally form a new graph sketch where edges capture the connections inside elements, and nodes maintain relationships across elements. We discuss a wide range of supported graph queries and establish theoretical error bounds for basic queries.