Bring sugar, butter and syrup to a boil, boil and stir for 5 minutes. Remove from fire add baking soda, stir quickly. Pour over Cheetos and mix well, make sure each puff has syrup on it. Pour into buttered pan, spread out as much as you can. Bake 1 hr @ 250*, stirring every 15 minutes.
Pour out onto waxed paper, foil or I used freezer paper because it is so much bigger. Quickly separate Caramelized Cheetos. (Try to resist the temptation, but I guarantee you cannot!) Store in large zip lock bags.