Add all of the ingredients to a small saucepan set over medium-low heat and bring to a gentle simmer. Cook for 20 minutes, stirring occasionally.
Let the sauce cool to room temperature, then transfer it to a jar or sauce bottle and refrigerate until ready to use.
Notes
To make this barbecue sauce with fresh peaches, peel and slice 2-3 ripe peaches, then place them in a saucepan over medium heat with 2 Tablespoons of water and ¼ cup of sugar. Cook for 10-12 minutes, stirring occasionally. Use a wooden spoon to break down the peaches into small chunks, then use in place of the peach preserves in the recipe.