In a small saucepan, combine 1 cup of the blueberries with the sugar, water, and lemon juice. Place the pan over medium heat and bring the mixture to a gentle simmer. Stir occasionally as the berries begin to break down and release their juices, forming a glossy, fragrant sauce—this should take about 10 minutes.
Once the mixture thickens slightly, add the remaining cup of blueberries. Continue to cook for another 7–8 minutes, stirring often, until the compote reaches a rich, syrupy consistency and some of the whole berries remain intact for texture.
Remove from heat and let it rest briefly before serving. Enjoy warm over pancakes, waffles, yogurt, or ice cream for a burst of sweet-tart blueberry flavor.