Working my way through the rhubarb recipe set, I find variations on what I made tonight, which was stewed rhubarb. If you were to separate the juice from the fruit, you'd get Rhubarb Syrup, as seen in the New York Times (water, vanilla pod, no sugar), The Kitchn (4c rhubarb, 1c sugar, 1c water, ginger root), Food in Jars (more sugar). Use as a flavoring in fizzy water, or in a fizzy drink.
Rhubarb Daisy, a drink made with this syrup (gin, lemon juice, soda, syrup) is seen in The Paupered Chef.
You can use both parts of the straining operation when you're done with stewed rhubarb. Take the now no longer fibrous bits and use as a "rustic jam"; add pectin to the syrup, and you get Rhubarb Jelly, a la Taste of Home.
If you won't want to stew the rhubarb down entirely, the People's Food Coop has this recipe for Rhubarb Poached in Red Wine, and The Bitten Word has a similar recipe pairing the rhubarb with rice pudding. To avoid stewing the rhubarb down entirely, aim for Roasted Rhubarb, a la The Wednesday Chef, or a simple recipe from Dorie Greenspan.