Whisk together all of the ingredients in a small saucepan until well combined.
Place the pan on the stove and heat on medium until the mixture comes to a simmer.
Immediately reduce the heat to medium low and let the sauce simmer gently for 8-10 minutes, stirring occasionally.
Transfer the mixture to a heat-safe container and allow it to cool completely.
Use immediately as a barbecue sauce, dip, or drizzled over your desired foods, or refrigerate for up to 2 weeks. The sauce will develop more flavor if you let it sit in the refrigerator overnight before serving.