Homemade Pancake Syrup with Variations

1 cup granulated sugar
2 cups water
1 tablespoon molasses
1 teaspoon vanilla extract
1 teaspoon maple extract or 1 teaspoon rum extract

Put sugar, water and molasses into a saucepan. Cover and bring to a boil. When sugar crystals are thoroughly dissolved, add vanilla and maple or rum extract.

Variations
For other syrups, omit molasses and use light corn syrup instead. Substitute one of the following for the maple extract:

1 teaspoon coconut extract
1 teaspoon banana extract plus 3 drops yellow food color
1 teaspoon orange extract plus 3 drops yellow and 1 drop red food color