In a medium saucepan over medium low heat, whisk together all of the ingredients except the chipotle powder and the salt and pepper.
Bring to a simmer and cook 3 to 5 minutes, until thickened. Remove from heat and stir in 1/4 tsp of the chipotle powder. Taste and adjust seasonings as desired.
Store in a glass jar in the fridge. It will keep for several weeks.