In a mixing bowl, combine warm water, sugar, and yeast. Let it sit for about 10 minutes until frothy.

Add flour, salt, and olive oil to the yeast mixture. Mix until a dough forms.

Knead the dough on a floured surface for about 10 minutes until smooth. Place in a greased bowl, cover, and let rise for 1 hour.

Preheat the oven to 425?F (220?C).

Punch down the risen dough and divide it into 8 equal pieces. Roll each piece into a long rope and form a circle, pinching the ends together.

In a saucepan, mix water and molasses. Dip each simit into the mixture and then coat with sesame seeds.

Place the simit on a baking sheet and bake for 15-20 minutes until golden brown.