1. Place all of the ingredients into a pot, uncovered, preferably Teflon. Bring it to a boil, then lower the temperature to a slow boil and let cook until it's reduced to a syrup. It took about 45 minutes to reduce this amount to a thin syrup. Your time may be different based on the temperature your cooking, and the diameter of your pan. A wider pot will have more surface area, and reduce quicker.
Ron's Note:
I prefer to do this early in the morning, or the day before I'll be cooking with it. It'll allow it to cool off , and insure that the flavors have a full chance to come together.
You could easily turn this sauce into a "Wing Sauce" by adding some Red Wine, or Malt vinegar to the above mixture. And of course, the addition of some butter, or fresh or dried Jalapenos, or Habanero powder would be pretty good also.
The mustard helps the oil blend into the mix, and the oil will give a shiny glaze.