Combine all the ingredients in a medium saucepan and bring to a boil over medium-high heat.
Reduce heat and simmer for 40-50 minutes, until thickened.
Make ahead tip
Refrigerate – Allow the sauce to cool for about 1 hour then transfer it to an airtight container and refrigerate for up to 3 weeks.
Freeze – Allow the sauce to cool for about 2 hours then transfer it to a freezer-safe container and freeze for up to 3 months. Thaw overnight in the refrigerator.