On medium heat, in a 2 quart pot, bring water and piloncillo to a boil then reduce heat to medium-low. Continue on a low boil until the liquid has reduced and starts to become thick. You will notice more bubbles will start to form and become smaller as it thickens. Check and stir often as it starts to reduce and thicken because the sugar will start to stick to the walls. Turn off the heat and let cool completely before storing. Do not let it boil for more than 35 minutes.
Feel free to experiment with this piloncillo syrup by adding natural flavoring such as orange zest, vanilla beans, cloves, star anise, or cinnamon sticks as it boils to create a more flavorful piloncillo.