In a small pot over medium heat, bring the sugar, water and chipotle to a boil. Stir until the sugar dissolves, then take off the heat. Pour into a heat-proof container and let cool.
Once cool, you may cover tightly and store in the refrigerator.
Make it at least 48 hours ahead of time and if you can, a week ahead. It can store in the refrigerator for months. The more it sits, the more flavor it will have.