Leelai,

Here is a link to a Hot Sauce Blog

Scroll down midway, and you will see a series of hot sauce recipes based mainly on Habaneros. They look interesting. Maybe one of them would replicate something close to Cholula, who knows?

Bill

Or ...

Maybe you could find a hot sauce that fit your fancy here

Bill

Cholula is made with vinegar, red peppers, pequins, salt and spices, so recipes with habaneros may not produce similar sauce.

I copied this from Cholula web site:
"Cholula's Flavorful Fire finds its roots in a well-guarded family recipe that's over 100 years old. This recipe blends pequin peppers, red peppers and spices in a delicate process that produces a perfect balance between flavor and heat."