In a large stock pot, combine sliced rhubarb and water.
Bring the mixture to a boil over medium high heat. Once boiling, reduce heat to a simmer and cook until rhubarb is very soft and starting to fall apart, about 10 minutes. Turn off heat.
Prepare a jelly strainer bag, or line a colander with a double layer of dampened cheesecloth. Strain rhubarb and collect juice. You should have around 8 cups (4 pints) of juice. Allow the juice to drip until the rhubarb is quite dry, about 1 to 2 hours.
If canning, prepare a water bath canner by pre-heating it to just simmering (roughly 180 degrees F).
Place extracted rhubarb juice back in a clean saucepan and add sugar (if using). Warm to dissolve sugar. It should be just barely simmering, but do not boil. Remove from heat and skim off foam (if any).
Ladle hot rhubarb juice concentrate into jars, leaving 1/4 inch headspace. Cap with 2 part canning lids to finger tight.
If canning, process jars (pints and half pints) in a water bath canner for 10 minutes. Turn off the heat and leave the jars in the canner for an additional 5 minutes to cool slightly before removing them with a canning jar lifter to cool completely on a towel on the counter.
Wait 12 to 24 hours, then check seals. Store any unsealed jars in the refrigerator for immediate use. Properly canned and sealed jars may be store in the pantry. Refrigerate after opening.