1/4 cup tomato paste
1/4 cup white vinegar
1/2 Tsp dry mustard
1/4 cup light corn syrup
1 Tbsp molasses
1/2 Tsp liquid smoke
1 clove garlic, crushed
1/2 Tsp onion powder (or 1 Tbsp finely grated onion)
1/4 to 1/2 Tsp chile d'arbol pepper, freshly ground or 1/4 Tsp ground cayenne pepper
3/4 cup water
salt to taste
black pepper to taste

Place the above ingredients into a non-reactive sauce pan. Stir to combine. Bring the contents of the pan to a boil, cut the heat, and simmer until relatively thick.