In medium saucepan over medium heat, bring the cider, water, sugar and cinnamon to gentle boil. Stir constantly until sugar has melted. Continue cooking until reduced to syrup consistency and color becomes golden brown. Remove from heat; stir in the butter and lemon juice. Allow to cool.

NOTE: feel free to substitute other liquids in place of some or all of the water. Wine, apple jack and bourbons are examples.