In a medium saucepan, combine all ingredients and set on the stove over medium-low heat.
Let the mixture simmer, stirring frequently, for about 15-20 minutes, or the strawberries and rhubarb break down.
Remove from the heat, cool in the pot for 10-15 minutes before straining out the solids.
Store in a glass jar or bottle and use in whatever you like – margaritas, in a French75, with vodka and club or just mixed with some sparkling water! The options are endless!