Scrape seeds from vanilla bean; place seeds and bean in a small bowl.
Combine granulated sugar and remaining ingredients in a medium saucepan. Bring to a boil over medium-high heat, stirring until sugar dissolves. Reduce heat; simmer 5 minutes. Remove from heat. Add vanilla bean and seeds, stirring gently. Cool syrup to room temperature.
Pour syrup and vanilla bean into a glass container. Cover and chill.
Note: Store in the refrigerator for up to 1 month.