Using a cheesecloth, gather the Chile de Arbol (3), Bay Leaf (2), Black Peppercorns (1 tablespoon), and Cinnamon Stick (2 stick) and tie into a little bag using butcher's twine.
Combine in a medium-sized pot with Honey (2 1/2 cup), Distilled White Vinegar (1 cup), Ketchup (1 cup), Soy Sauce (1/2 cup), Preserved Lemon (1/4 cup), Garlic (3 clove), Dried Cilantro (2 tablespoon), Fresh Ginger (1 tablespoon), Ground Cumin (1 teaspoon), Paprika (1 teaspoon), Ground Cloves (1/4 teaspoon), Ground Nutmeg (1/4 teaspoon), and bring up to a boil over medium-high heat.
Reduce heat to medium-low and let sauce reduce until it reaches a syrup-like consistency, about 30 minutes.
Remove from heat and let cool completely before storing. Will keep for about a week in the fridge.