I've had it skullbiker - really its the only sauce at Chick-fil-a that I like. Making an approximation of it shouldn't be too hard. Sriracha is fermented, but you can make a cooked sauce that's similar enough. I'd start with something like:
1 lb ripe red jalapenos
4 cloves garlic
1/2 an onion
2 tbsp honey
2 tsp soy sauce
1/2 cup vinegar
Throw everything in a food processor or blender and get it all pulverized. Pour out into a small sauce pan and bring it just to a simmer over medium heat. When you reach a simmer cover the pan, turn heat to low and cook for another 10-15 minutes. Turn off the heat and allow to cool. If you want to get it really smooth you could put it through a food mill or fine mesh strainer at this point.
When cool I would then taste it and start making adjustments. Probably more honey (or sugar), maybe a bit more salt/soy sauce or maybe a touch more vinegar. Maybe a bit of hotter pepper powder if you're looking for more kick (can also throw in a couple hotter peppers when starting). Make your additions small - say a tsp or less at a time - until it reaches the balance and flavor/heat you're looking for.
If you make it post back - I'd love to see how it turns out.