Combine all ingredients in a small, heavy saucepan. Cook over medium-low heat until thermometer registers 200°. Reduce heat to low; cook 20 minutes (do not allow temperature to rise above 220°). Cool to room temperature.
Strain oil mixture through a sieve into a bowl; discard solids. Store in the refrigerator.
Note: Store in the refrigerator in a glass container for up to 1 week.