Wash the rhubarb stalks well under cool water. Trim the ends and remove any leaves. Cut the rhubarb into small 1-inch pieces so the fruit cooks evenly and softens quickly during cooking.
Place the chopped rhubarb into a medium saucepan. Add the sugar, water, lemon juice, and vanilla extract. If using strawberries, cinnamon, or orange zest, add them at this stage. Stir gently until the rhubarb is evenly coated with sugar.
Place the saucepan over medium heat. Stir every few minutes as the rhubarb begins releasing liquid and the sugar dissolves into a syrup. Continue cooking for about 10 to 15 minutes until the rhubarb becomes soft and tender.
For a chunkier compote, leave the fruit as it is. For a smoother texture, gently mash some of the softened rhubarb pieces using the back of a spoon. Continue simmering for another 1 to 2 minutes if needed.
Taste the compote and adjust the sweetness if necessary by adding a little extra sugar. Remove the saucepan from the heat and let the compote cool slightly. The mixture thickens more as it cools.
Serve the rhubarb compote warm, chilled, or at room temperature. Store leftovers in an airtight container in the refrigerator for up to 1 week.