Add honey, water, lemon juice, and vinegar to the sauce pan.
Turn heat to medium to high until the mixture begins to bubble and boil.
Maintain stovetop temperature where mixture is boiling and bubbling, constantly stirring to prevent burning. Exact temperature will depend on the size of your sauce pan.
When mixture begins to change into a thicker consistency (time will vary 10-20 minutes) and turn to a light brown color, continue stirring for about 2 more minutes. It will continue to thicken and reach a deeper brown color.