Get out and measure your ingredients.
Melt butter in a large skillet over medium heat.
Add onions, salt, pepper and cook, stirring occasionally, until onions are tender and translucent, about 10 minutes.
Reduce heat to medium low and continue cooking until onions are golden, about 10 more minutes.
Add 2 tablespoons water to skillet and cook, scraping up any browned bits, until water is evaporated, about 5 minutes.
Add remaining 2 tablespoons water and cook until onions are caramelized and water is evaporated, about 5 minutes longer.
Remove from heat and add in vinegar until blended.
Transfer onions to medium bowl and allow to cool for 10 minutes.
Add sour cream and mayonnaise to onions and stir to combine.
Season with additional salt and pepper to taste.
Refrigerate for at least an hour to allow flavors to blend.
Serve and enjoy every bite!