1. Combine first 8 ingredients in a 2-quart saucepan over medium-high heat. Cook 15 to 20 minutes or until liquid has almost evaporated.
2. Reduce heat to low; gradually add butter, 1 piece at a time, whisking after each addition, until melted. Strain mixture through a fine wire-mesh strainer, discarding solids. Season to taste with salt and pepper.