Cut the vanilla bean lengthwise and scrape out the pulp.
Add both to a saucepan along with the water and sugar. Bring to a boil, stirring constantly. The sugar needs to dissolve completely.
Reduce heat to low and simmer for 10-15 minutes, depending on your preferred consistency.
Tip: The longer you leave it on the stove, the thicker it will get when completely cooled.
Once cooled, pour into decorative bottles or jars and seal. Consume within a couple of weeks.