Put water and sugar in a medium saucepan and bring mixture to a boil.
Once boiling, lower heat and let simmer for about 10-15 minutes, until sugar is completely dissolved and mixture has thickened.
Add vanilla, butter, and almond extracts and stir.
Pour syrup into a mason jar or bowl and place in fridge to cool completely before using. Syrup will continue to thicken as it cools.