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In a medium saucepan, melt the butter. Add the onion and cook over moderate heat until softened, about 5 minutes. Add the garlic and cook until fragrant, just about a minute. Stir in the ketchup, soy sauce, cider vinegar, brown sugar, honey, hot sauce, dried thyme and cayenne pepper. Simmer over low heat for 40 minutes or until thickened.