In a 2 quart saucepan, combine the white granulated sugar, molasses, and water.
Bring the mixture to a rapid boil – a boil that is not interrupted by stirring – over medium heat. Once rapid boiling begins, you can stop stirring. Do not reduce the heat. Continue boiling on medium heat for 15 minutes.
Remove the saucepan from the heat, and allow the syrup to rest for 10 minutes. Stir in the vanilla extract and maple flavoring. Allow the syrup to cool completely before pouring it into an airtight container.