Put water and sugar in a medium saucepan and bring to a boil.
Lower to a simmer and add bubblegum to saucepan. Stir to combine.
Let simmer until syrup begins to thicken and mixture is bright pink, about 10 minutes.
Remove from heat and strain syrup through a fine mesh sieve or strainer into a heatproof container like a bowl or a mason jar. Alternatively, simply remove gum from mixture with a slotted spoon. Discard bubblegum (it will be very sticky, so be careful).
Place bowl or jar in fridge to cool completely before using. Syrup will continue to thicken as it cools.