Sterilize jar, lid and pump dispenser by placing in dishwasher and running through a cleaning cycle. Remove from dishwasher and allow to dry.
In a medium saucepan over medium heat, gently stir together the water and sugars. Cook until mixture becomes thick and syrupy (approx. 10-15 minutes). Allow to cool and stir in vanilla extract. Fill jar with cooled mixture. Screw on lid and slide in pump dispenser. Serve with your favorite coffee drink.