Combine the ingredients in a large, shallow (preferably non-stick) pan; a large surface area will help speed the evaporation and reduction. Reduce the mixture over medium heat, stirring frequently, until reduced to 1 cup. Towards the end of the process, keep a close eye on the reduction to avoid rapid caramelization. If bubbles start to build on top of bubbles, reduce the heat and stir more frequently. The whole process requires roughly 30 minutes.
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