In a large saucepan over medium-high heat, combine the sugar, pumpkin, water, nutmeg, and cinnamon. Bring to a rolling boil, stirring constantly. Reduce heat to low, and continue to simmer for 20 minutes, stirring occasionally.
Stir in the pectin, raise the heat to medium-high, and boil for 1 minute.
Cool and store in the refrigerator for up to 2 weeks, or freeze for longer storage.
Notes
Makes about 3 cups. At 2 tablespoon serving size, that's about 24 servings.