Sabrett® Onions in Sauce (for hot dogs)

Here's a cool clone for the tangy orange/red onion sauce slathered
 over hot dogs ordered from Sabrett push carts. For a buck or two
 you can grab a hot dog with the works on the fly from these popular
 umbrella-covered food carts in many major cities. You find hundreds
 of 'em in New York City, especially around Central Park
(that's where the sample for this re-creation was obtained).
 While most of the Sabrett toppings are standard hot dog fare
 - ketchup, mustard, sauerkraut - the onion sauce is a real
Top Secret Recipe. And it's one that we can now slam into the
"solved" file.

1 1/2 teaspoons olive oil
1 medium onion, sliced thin and chopped
4 cups water [1 L]
2 tablespoons tomato paste
2 teaspoons corn syrup
1 teaspoon cornstarch
1/2 teaspoon salt
1/4 teaspoon crushed red pepper flakes
1/4 cup vinegar [63 ML]

1. Heat the oil in a large saucepan over medium heat.
2. Sauté sliced onion in the oil for 5 minutes, until onions are
soft but not brown.
3. Add water, tomato paste, corn syrup, cornstarch, salt, and red
pepper flakes, and stir.
4. Bring mixture to a boil, then reduce heat and simmer for 45
minutes. Add vinegar. Continue to simmer for an additiona1 30 to 45
 minutes or until most of the liquid has reduced and the sauce is
thick.
Makes about 1 cup. [250 ML]