Add all ingredients except cayenne pepper to a medium saucepan; stir until well combined. Place over medium heat and bring to a gentle boil; reduce heat and simmer, stirring often, until thickened enough to coat the back of a spoon, 15 to 20 minutes. Remove from heat and let cool.
When cool, transfer to an airtight container and refrigerate. Enjoy within to 2 weeks or freeze for up to 3 months.