Heat the cinnamon sticks over medium heat in a small saucepan, turning every minute or so until toasted on all sides (about 5 minutes).
Carefully add the water and sugars, (the saucepan will be hot!). Stir until the sugars are dissolved. Bring the mixture to a simmer, then simmer for 5 minutes. After the 5 minutes, remove from heat and allow the cinnamon sticks to steep in the syrup for another 10 minutes at room temperature.
After the 10 minutes are over, strain out the cinnamon sticks and discard, reserving the syrup in a syrup bottle or mason jar. Store in the fridge for up to 2 weeks!