In a medium saucepan, heat the oil over medium-high heat. Add the onions and cook until the onions are lightly caramelized, 4 to 5 minutes. Add the garlic and chiles, and cook for 1 minute. Deglaze the pan with the vinegar and lime juice and cook until the liquid is reduced by half, 1 to 2 minutes. Add the adobo sauce, tomato sauce, molasses, mustard, bay leaves and salt. Bring to a simmer and cook until thick, stirring occasionally, 15 to 20 minutes. Remove from the heat and strain.
Yield: 4 cups