In a medium saucepan, combine the sugar, water, cinnamon stick, peppercorns and cloves and bring to a boil, stirring just until the sugar is dissolved. Cook over moderately high heat, without stirring, until the liquid begins to turn brown at the edge, about 3 minutes. Cook, swirling the pan, until a medium amber-caramel forms, 2 to 3 minutes longer. Off the heat, carefully stir in the wine. Cook over moderately high heat, stirring occasionally, until the caramel is dissolved and the sauce is reduced to 1 cup, about 8 minutes.