In a small saucepan combine the water and sugar. Place over high heat and bring to a simmer, stirring occasionally until the sugar is completely dissolved. When the syrup comes to a simmer add the fresh thyme. Simmer for 2 to 3 minutes then remove from the heat and cover. Let steep for 30 minutes.
After steeping, strain the thyme from the simple syrup. Let the syrup cool completely before using. This syrup will keep for 1 month in the fridge.
A Spring Thyme Cocktail
In a cocktail shaker add the gin, Lillet blanc, thyme simple syrup, grapefruit juice, and lemon juice. Add ice, then cover and shake for 10 to 15 seconds. Strain into a coupe glass. Garnish with a sprig of thyme if desired, and enjoy!