Oats, molasses, carrots, and water
I kinda just guesstimated but I think it was about 1.5 cups of oats that I put through a food processor to make them more like flour, two whole carrots put through the same process, and probably about .5 cup of molasses. I sprinkled about 2 tablespoons of water in, just enough to get everything moist and mixed together. Then I formed little balls, tiny really... but I like having lots of little treats.
I took these balls and squashed them a bit, then placed on an ungreased baking sheet. I put the oven to 400 at first, but decided that 350 would probably get them drier without burning them. I baked them for quite a while, up to 25 minutes. I like my horse treats crunchy, I think they like them better that way. This was the only way to get them dry enough to feel crispy. This year I used no oil, no flour, just the above ingredients. I used dark corn syrup last year too, they didn't smell like real molasses, probably because they weren't. Overall I'm much happier with my product this year... Roxie (my roomates dog) was a willing tester. She loves carrots and thought they were delicious. Hopefully the horses think the same!