Place all of the ingredients, except for the cornstarch slurry, in a small saucepan and bring to a boil. Stir in the cornstarch slurry and simmer for another minute until thickened, stirring constantly. If using red food coloring, stir it in.
Let the sauce cool completely and store in an airtight container in the refrigerator for 2-3 weeks.
* Freshly squeezed pineapple juice contains enzymes that will break down the cornstarch and prevent the sauce from remaining thick, so either use canned or bottled