Prepare your lollipop molds by spraying them lightly with nonstick cooking spray. Wipe out the inside with a paper towel, so that only the thinnest layer of oil remains. Insert the lollipop sticks into the molds.
Combine the sugar, corn syrup, and water in a medium saucepan over medium-high heat. Stir until the sugar dissolves, then brush down the sides of the pan with a wet pastry brush. Once boiling, insert a candy thermometer.
Allow to boil, without stirring, until candy reaches 295 degrees Fahrenheit (146 C).
Once the candy reaches 295 F, remove it from heat. Allow it to sit until it stops bubbling completely. Stir in the extract of your choice, and, if desired, food coloring.
Spoon the candy into the mold cavities, making sure to cover the back of the stick.
Allow to cool completely and remove once hardened.
Store Lollipops individually wrapped, in an airtight container at room temperature, for up to a month.