1. Combine all ingredients except the water in a food processor or a blender and puree until the mixture is smooth.

2. Pour mixture into a small saucepan over medium heat. Add water, stir, and bring mixture to a boil. Allow it to boil for five minutes, stirring often. When the sauce has thickened, remove it from the heat and let it cool. Store sauce in a covered container in the refrigerator.