Add chopped onion, red wine vinegar, and garlic to a blender or food processor, and puree. Heat oil in a medium pot, add blended mixture and cook over medium heat for 1-2 minutes or until fragrant. Add ketchup and mustard. Cook for additional 3 minutes, or until lightly bubbling. Stir often. Reduce heat to low, add brown sugar, molasses and hot sauce. Simmer for an additional 10-15 minutes; stirring occasionally.
Remove sauce from heat and cool for 15 minutes before using. If preferred, you can use part of this sauce as a baste during smoking, or serve on the side with cook pork ribs.
Store sauce in an airtight container in refrigerator for up to 1 week after preparation.