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