In a small saucepan combine cranberries, water and sugar. Stir until the sugar is mostly dissolved and bring to a boil over medium/high heat. Reduce the heat to low and allow it to simmer until the sugar is completely dissolved and the cranberries burst and soften, about 10 minutes. Allow the mixture to steep for 45 minutes to 1 hour. Strain into a measuring cup with a lip, pressing on the cranberries to extract as much liquid as possible. Discard the cranberries or save them for another use (Jam!). Pour the syrup into a container with a tight fitting lid and store in the refrigerator until ready to use.