Preheat oven to 400 degrees.  Scrub and trim beets. Place beets on a large piece of foil and drizzle them with olive oil. Using your hands, rub oil onto the surface of the beets.  Fold foil over and seal the edges making a pouch. Place pouch on a baking sheet and transfer to oven. Roast beets for 45-60 minutes, or until tender when pierced with a knife.  Smaller beets will take less time than larger ones.

Remove beets from oven and open pouch.  Let cool before handling. Once the beets are cool enough to work with, rub the skin off with a paper towel and slice into ½ inch thick wedges.  Transfer to a quart sized mason jar.

Meanwhile, heat remaining ingredients over medium-low heat until simmering and sugar has dissolved.  Pour mixture into the jar with the beets. Allow to cool at room temperature. Cover and place in the fridge.  Consume beets within two weeks.