Place water and sugars into a small saucepan and heat over medium-high heat. Stir to dissolve sugars, then boil for a few minutes more until syrup thickens slightly.
Reduce heat to a simmer and add pumpkin puree, vanilla extract, and spices. Stir while mixture simmers another 4-5 minutes. Remove from heat and let cool a bit before pouring into a jar or a serving vessel.
