Memphis Barbecue Sauce

1 cup apple cider vinegar

1 cup ketchup

1/2 cup water

1/4 cup finely chopped onion

2 tablespoons minced garlic

2 tablespoons butter

2 tablespoons molasses

2 tablespoons prepared mustard

2 tablespoons brown sugar

1 tablespoon Worcestershire sauce

1 tablespoon paprika

1 tablespoon mild chili powder

2 teaspoons dried oregano

2 teaspoons dried thyme