You can also can it.

Canning Papaya

Wash, peel and seed. Cut into cubes.
Make a heavy or medium sugar syrup. Bring syrup to a boil , reduce heat, add papaya. Gently cook 2-3 minutes. Pack into jars, add 1 T. bottled lemon juice to each quart jar.

Ladle hot syrup over fruit. Remove air bubbles, leave 1/2 inch headspace. Process in water bath canner 15 minutes for pints, 20 minutes for quarts.