In a three-quart saucepan (for small batch) or a three gallon stock pot (for large batch) combine the water, sugar and molasses.
Put the pan on the stove over medium heat.
Stir frequently until the syrup comes to a rolling boil.
Watch the syrup carefully because it tends to foam and will boil over if your pan is too small. If this starts to happen, remove the pan from the heat and turn the heat down.
After the syrup boils, cover the pot and simmer it for ten minutes over low heat. Do not stir it for this ten minutes.
Remove the pan from heat and allow to cool.
Stir in the maple flavoring (and butter flavoring).
Store the syrup in a clean appropriately sized bottle or jar. I use a funnel when pouring to avoid a mess.
Notes
Some Ideas For Serving Pancakes
Top with pancake syrup or whipped cream (or both)
Top with fresh berries or any fresh fruit
Go for a sweet & savory option and add bacon or eggs