Add all ingredients to a large saucepan and heat to medium. Stir to combine. Cook, stirring, occasionally for 10 minutes. Reduce heat to medium low and simmer for an additional 10-15 minutes.
Transfer to a container with lid. Store in refrigerator up to one week. Sauce will thicken as it cools.
Notes
If there's leftover sauce, combine with cream cheese for a delicious dip!