Here $|r|<1/2$, so that the series converge.
I can do it by using contour inregration.
$$ S =\sum_n r^{2n} \frac{1}{2\pi i } \oint_C \frac{1}{z}(z+ \frac{1}{z})^{2n} dz \\ = \frac{1}{2\pi i } \oint_C \frac{1}{z} r^{2n} (z+ \frac{1}{z})^{2n} dz \\ = \frac{1}{2\pi i } \oint_C \frac{1}{z} \frac{1}{1- r^2 (z+1/z)^2} dz . $$
Here $C$ is the unit circle in the complex plane.
It is not so tedious to get the final result, which is $1/\sqrt{1-4r^2 }$.
However, can anyone give a more direct solution?