Add guava pulp, 1 cup water and sugar cane to small saucepan over medium-high heat. Bring mixture to boil, stirring to dissolve sugar. Lower heat to medium low. Simmer, stirring occasionally, until mixture is thick and has reduced to 1 ½ cups, about 20 min.
Transfer guava syrup to small bowl. Serve warm. Or cover and refrigerate until cold, at least 2 hours or up to 1 week.
Sweet, tropical Guava Syrup makes an unexpected fruity topping for breakfast favorites, like pancakes and waffles. Also try warmed Guava Syrup drizzled over vanilla ice cream for an island-take on an ice cream sundae. Or, use the syrup as a dip for fresh fruit for a delicious dessert.