In a heavy bottomed pan, melt the butter and add in the hot sauce.
Then, add in the honey and turn the heat down.
Now add the rest of the ingredients.
Give this a good mix and allow it to cook for 3-5 minutes, then take it off heat.
Notes
Cook the sauce on low heat and keep stirring continuously. High temperature may cause the sauce (and the butter) to burn.
Use a heavy bottomed pan to ensure the sauce cooks evenly.
Taste as you go. The hot sauce can already be quite spicy, so start with a little, taste and then add more if needed.
If the sauce has solidified in the refrigerator, you can let it sit at room temperature for a while to get back to the right consistency, or just reheat it in a pan over medium heat, whisking it continuously.