Start by making the sauce. Whisk together all of the sauce ingredients. Cover and refrigerate for at least one hour.
When ready to make the tater tots, start by preheat oven to 400 degrees. Line a baking sheet with parchment paper and set aside.
Whisk together the brown sugar and cayenne pepper and set aside.
Lay 12 slices of bacon on a large cutting board. Sprinkle the brown sugar mixture evenly over each slice of bacon and using your finger tips, lightly press the brown sugar mixture so that it sticks to the bacon.
Run a sharp knife horizontally across the 12 slices of bacon to create 24 even slices.
Place a tater tot at the end of one slice of bacon and firmly, but gently, roll the bacon around the tater tot. Secure by piercing the bacon and tater tot with a toothpick.
Place the bacon-wrapped tater tots on the parchment lined baking sheet. Bake for 15 minutes.
Remove from oven, turn each tater tot over and bake for 10 more minutes.
Allow to cool for a few minutes, garnish if you desire, and serve with the dipping sauce.