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The "u" was added artificially by scholars in England several hundred years ago to make it sound more noble, in an attempt to appeal to the townsfolk who had previously been ruled by the French. James Webster sought to make changes to the English language later on, and while he made many changes, this resimplification of spelling caught on.
Both spellings are correct. Language should be seen from a descriptive position rather than descriptive position; if you are lucky, like the old English scholars or James Webster, your intentions could impact English ir language as a whole. However, it's best to just go with the flow. American and British English are both quite different at this point, and they will potentially grow further apart. There is nothing wrong with that.
Also pic related, bongs when they see this thread