Prepare an ice-water bath. In a large saucepan, combine sugar and water; bring to a boil over medium-high heat. Cook until sugar has completely dissolved, about 10 minutes. Transfer the syrup to a bowl, and set the bowl over the ice-water bath. Let stand, stirring occasionally, until chilled. Store the syrup in an airtight container, refrigerated, for up to 2 months.
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