Melt butter in a large skillet over medium heat. Stir in the onions, brown sugar and ¼ teaspoon salt. Cook, stirring frequently, until the onions are golden brown, about 30 minutes. Remove from the heat and stir in the water and Worcestershire sauce. Transfer to a bowl and let cool to room temperature, then use in the recipe or cover and refrigerate for up to 3 days.
In a medium bowl, whisk together sour cream, mayonnaise and lemon juice. Stir in the onions. Taste and season with salt and pepper. Serve immediately or cover and refrigerate until ready to enjoy.
Notes
Cook the onions slowly over medium (or medium-low) heat. Don't try to rush the process and cook them faster over higher heat, or they'll burn and will not achieve that soft, golden, sweet, caramelized texture.
Allow plenty of time to let the caramelized onions cool before stirring them into the dip.
The flavors in the dip come together and get better as it sits, so let the dip chill in the refrigerator for at least 1 hour, if possible, before serving.
Garnish the dip with fresh chives, sliced green onion, or even crispy bacon.