The most basic of syrups are made using a base of just sugar and water. The mixture is then cooked down into a syrup-like consistency before being used. Natural maple syrup is made by cooking down the sap from a sugar maple tree which is about 98% water and 2% sugar, so it takes a long time to cook down but goes to show that even pancake syrup in the purest of forms still uses sugar and water as a starting point.