2Swirl the butter around until it melts and eventually browns. This will take about 5 to 10 minutes.
3Add the pumpkin puree, sugar, pie spices, water, and vanilla to the pan and whisk it all together. Don't worry about it being perfect, as you're going to emulsify it later.
4Bring the mixture to a lazy simmer (a bit less than a rolling boil), and let it go for 8 to 10 minutes, whisking now and then until it looks a little thicker.
5Kill the heat before letting it cool for 20 minutes and pouring it into a separate carafe.
6Add a little soy lecithin to emulsify it so it doesn't turn into an oily syrup in the fridge.
7Blend it for about 45 to 60 seconds with an immersion blender.