Add the honey, molasses, garlic, chipotles, chiles, pepper and salt in large stockpot. Place the cumin, coriander and bay leaves on a piece of cheesecloth, then tie into a pouch with kitchen twine. Add to the stockpot and cook over medium heat 30 minutes, stirring gently often. Mixture will be thick and fragrant.
Add the canned tomatoes. Cook 20 minutes and break up tomatoes. Remove spice bag.
Add the onions, watermelon and peaches. Cook 45 minutes on medium. Cool 30 minutes. Remove large pieces of fruit, chiles, garlic, and onion and puree them in a process till smooth. Combine the puree with the remaining mixture and pass through strainer in batches. Mixture should be smooth. Return to pot.
Add the vinegar, water and BBQ sauce. Reduce heat to low, cook minimum 4 hours.
Add brown sugar to your taste.
Let sauce come to room temperature. Marinate meat in enough sauce to cover in 1 gallon bag for 24 hrs. Smoke using favorite method. Shred meat, adding enough sauce to shredded meat to coat (don't add the marinating sauce to the shredded meat unless you've boiled the sauce first).
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Serve with additional sauce on side.