My favorite way to make it...more guidelines than a set in stone thing. I usually just wing it when I make it but here goes:
1 lb of good quality ground meat from the butcher, ground up extra fine
1 can of diced tomatoes (more if you like it more soupy)
some Franks Red Hot (or some hot sauce you like)
REAL garlic
Salt and pepper...and any other seasoning that strikes my fancy at the time
Cook the meat however you'd like, just make sure it's fully cooked! I liked to finish it by wrapping it up in foil and tossing it on the grill for a bit. Strain juice from diced tomatoes, blend diced tomatoes into oblivion.
Pour (strained) tomato juice into sauce pan, simmer, add garlic, seasoning and any other goodies you may like, add cooked beef, mix thoroughly, mix in SOME of the pureed tomato but not much. The idea is you want a relatively thin consistency. Add however much hot sauce you would like and let the whole concoction simmer covered for a loooong time. Remove from heat, let cool, then put in a big tupperware container and refrigerate overnight. Next day pop the container open, take as much as needed and heat it up, dump it on nicely grilled hot dogs(preferably some nice big real beef dogs in a good casing) use a little mustard on top and enjoy!
I just kinda made this up one day with what I had at home and every time I change it a little but it always tastes good to me! Freezes well too if you make a huge batch of it. Or you could just go buy a jar of Nathans' Hot Dog Sauce...that's pretty good lol.
PS: I also have a kick ass home baked jalapeño mac and cheese recipe that goes great as a side dish with the above hot dogs. Let me know if you are interested in that
