Combine all ingredients in an 8-quart stainless-steel pot and place over medium-high heat. Stir mixture until sugar dissolves. When mixture begins to boil, reduce heat until it is gently boiling. Stir occasionally at first. When it turns golden brown and starts to get thick, stir more frequently. Once mixture is thick and a spoon scraped across the bottom of the pot makes a trail that takes a second to run back in on itself, the cajeta is ready. The whole process can take between 30 minutes and 90 minutes, depending on pot, heat, air temperature, and humidity.

Remove cinnamon sticks and ancho chilies. Cool cajeta for 30 minutes before transferring it to a glass container fitted with a tight lid. Store in refrigerator for up to a month before it starts to crystalize. You can also store in freezer for up to six months if you smooth a piece of plastic wrap against the surface of the cajeta, leave an inch of clearance at the top of jar, and make sure the cover is secure.