Add the brown sugar, white sugar, and water in a medium sized saucepan. Heat over high or medium high heat until boiling. Stir constantly so the sugars dissolve.
Lower the heat to medium and let the brown sugar pancake syrup simmer for 3 minutes. You can let it simmer for up to 10 minutes for a thicker syrup.
Remove the syrup from heat. Add the butter if using and the flavor extracts. Stir well. Let cool for about 10 minutes. Then pour into a mason jar or other container for storage.