Get a pot and add 2 tbsp olive oil or neutral cooking oil.
Add your chopped onions and cook until slightly browned and translucent (5 minutes or so).
Add the rest of the ingredients in the specified quantities.
1/3 cup white vinegar, 1/3 cup water, 1 cup ketchup, 1.5 tbsp molasses, 3.5 oz Chipotle in adobo sauce, 3 tbsp soy sauce, 1/2 cup creamed honey OR regular honey, 1 tsp granulated onion, 1 tsp granulated garlic, 1/2 tsp black pepper
Bring this mixture to a simmer over medium-low heat. You don't want this to boil/froth or bubbling to the point where it's popping.
Simmer like this for 30 minutes OR until your desired consistency. Ensure that you're stirring every few minutes or so, so that the honey doesn't burn.
Once at your consistency, take the pot off the heat and get a bowl and a fine mesh sieve.
Strain the sauce, removing the onions and chipotle peppers. SAVE THESE ONIONS - they are absolutely wonderful on burgers, egg on toast, sandwiches, etc.
Allow the sauce to cool for 5 minutes or so and then transfer to a mason jar or similar container. Store in your refrigerator - flavors will improve overnight.
Notes
This is a small batch of sauce meant to be used in 2-3 weeks.