Heat butter in saucepan over medium-high heat. Add ketchup and allow to cook for a minute or two and then stir, and continue to cook until it slightly darkens in color. Add in the water, turn the heat down to medium and add the remaining ingredients, except the additional water and salt and pepper. Allow to barely simmer for two to three minutes. Remove from heat. Taste and adjust seasonings, add salt and pepper if needed and if too thick, slowly stir in a little at a time, the additional water to desired consistency.
Serve warm or refrigerate and serve cold. Mixture will thicken as it cools.
Keywords: Barbecue, Barbecue Sauce, Brown Sugar, Condiments, Grilled or Smoked, ketchup, liquid smoke, molasses, Vinegar