Mulled Red Wine Syrup

1 1/2 cups any variety red wine
1/2 cup sugar
1 vanilla bean, split (not scraped)
2 whole star anise
1 teaspoon pink peppercorns

Combine the wine, sugar, vanilla bean, star anise and pink peppercorns in a wide pot or skillet over medium-high heat, stirring to dissolve the sugar. Bring to a boil, then reduce the heat to medium; cook for 10 minutes or until the liquid becomes syrupy and has reduced by about two-thirds.

Use a fine-mesh strainer to strain the syrup into a small container; discard the spices and let cool. Use immediately or cover and refrigerate.