Grab a small or medium saucepan and combine the water and granulated sugar.
Turn your stovetop onto medium heat and heat the saucepan to a low boil. Stir consistently until the sugar is completely dissolved. It took approximately 5 minutes for our saucepan to boil.
Once the sugar water mixture hits a low boil, reduce the heat and simmer on low for 5 minutes. Stir occasionally.
Turn off the stovetop and remove the saucepan from heat. Stir in the vanilla extract and peppermint extract. Make sure everything is properly mixed.
Allow the syrup to cool for 5-10 minutes. Now it is ready to be used! You can store any syrup that you don’t use immediately in an airtight container in the fridge. The properly stored peppermint extract will stay fresh for three weeks in the fridge.