Updated for 2020, this version contains honey instead of white sugar. I like pouring the finished mix into a Pyrex measuring cup so I know how much I have as I'm making cocktails, but a squirt bottle or plastic container with a lid works too.
Remove 1-2 thick strips of peel from each citrus fruit, being careful to just take the peel and leave the white pith behind, and set aside.
Juice each of the citrus fruits to yield approximately ½ cup orange juice, ¼ cup lemon juice, and ¼ cup lime juice.
Add the honey, water, citrus peels and juices to a small saucepan. Heat until the honey has melted, swirling or stirring the pan occasionally.
Simmer mixture until reduced slightly (it will be thicker and syrupy), about 15-20 minutes.
Let cool completely and store, covered, in the refrigerator until ready to use.