Add honey to a tall saucepan and set over medium heat.

Let it simmer and bubble until it darkens slightly in color and gives off a deep, toasted aroma—be careful not to let it burn. This should take 4–6 minutes.

Carefully add apple cider vinegar and bay leaf to the caramelized honey. The mixture will bubble aggressively—stir to combine.

Optionally, add the stock for extra depth of flavor.

Reduce heat to low and simmer for about 30 minutes, or until slightly thickened.

Remove from heat and discard the bay leaf.

Whisk in 1–2 tablespoons of olive oil.

Let cool slightly, then transfer to a jar or bottle.

Shake or stir before each use.