In saucepan combine water and sugar. Bring to boiling over medium heat, stirring until sugar is dissolved. Add tarragon; boil gently, uncovered, 2 minutes more. Remove from heat, cover, and cool in saucepan 1 hour. Strain; discard tarragon. Transfer syrup to covered storage container. Refrigerate up to 2 weeks. Makes 2 cups syrup (16, 2-tablespoon servings).