Bring the water and honey to a boil in a small saucepan over medium high heat. Reduce heat to low, add the lemon peel, and simmer for 20 minutes.

Place the forsythia blossoms in a medium-sized heat-safe bowl, and pour the syrup into the bowl. Allow to cool uncovered for 1 hour, then strain. Compost/discard the flowers and lemon peel, and store the syrup in an airtight container in the refrigerator. Use within 1 month.