Combine first seven ingredients in a small saucepan. Stir in enough vinegar to make paste. Combine molasses, ketchup, mustard, oil and remaining vinegar; add to herb paste. Bring to a boil, stirring constantly. Reduce heat and simmer 10 minutes. Remove from heat; cool completely.
Pour into a glass jar; cover tightly. Store refrigerated for up to 3 months. Baste over smoked chicken, turkey, ham or hot dogs.