Combine all of the ingredients in a medium saucepan. Whisk well to combine.
Bring the mixture to a boil over medium-high heat.
Reduce the heat to low and let the sauce simmer for 15 minutes, stirring occasionally.
Remove the saucepan from the heat and let the sauce cool for about 20 minutes.
Transfer the sauce to a mason jar or an airtight storage container.
For the best flavor, allow the sauce to set in the refrigerator for 24-48 hours before using. However, you can also use it immediately if desired.
Store any leftover sauce in the refrigerator for up to 2 weeks or in the freezer for up to 3 months.