In a medium saucepan combine sugar and water. Bring to a boil, stirring, until sugar has dissolved. Add habaneros to sugar mix and store in an airtight jar for 24 hours. Strain liquid and reserve.
In a mason jar shake Tequila, liqueur, lime juice and sugar. Store in refrigerator for up to a week. When ready to drink in a salt rimmed cocktail glass add one jar of shaken margarita mix. Top with habanero syrup. Garnish with a lime wedge and a slice of habanero pepper.