In a large mixing bowl, whisk together all ingredients until smooth and well blended.
Pour the mixture into a medium saucepan and place over medium heat. (Simmering is optional but recommended).
Bring the sauce to a gentle simmer, then reduce to medium-low heat. Stir occasionally and cook for 10–15 minutes, until slightly thickened.
Taste and adjust seasoning as desired — add more honey for sweetness, apple cider vinegar for tang, or hot sauce for heat.
Remove from heat and let cool to room temperature.
Transfer to a mason jar or airtight container, seal tightly, and refrigerate for up to two weeks.