Bring water and sugar to a boil in a small saucepan, stirring until sugar dissolves. Remove from heat, and add saffron. Cover, and let cool.
Combine orange juice and saffron syrup in a pitcher. Divide orangeade among ice-filled glasses.
It may be the world's most expensive spice, but a little goes a long way, so just a pinch will do. No need to strain this juice after steeping the saffron -- the bright red-orange threads shine through the juice.