Preparation Place a fine-mesh sieve over a small bowl. Bring all ingredients to a boil in a small heavy saucepan, stirring until sugar dissolves. Reduce heat to medium-low and simmer until reduced to a generous 1/2 cup, about 20 minutes. Strain sauce, discarding solids in sieve. Let cool. DO AHEAD: Can be made 2 weeks ahead. Store airtight in refrigerator.