1. Blend ingredients in blender until smooth (I do it in 2 batches).
2. Place in heavy, large pan and bring to a boil. Reduce heat to a simmer, cover with lid ajar and cook 1 hour and 20 minutes.
3. Stir every once in a while. Cool and store in refrigerator. It will turn darker as it cooks.
Great on rice cakes for a quick treat!