2 cups soy milk
1/4 cup onion, diced fine
1 bay leaf*
3 parsley sprigs*
2 thyme sprigs*
3 1/2 tablespoons olive oil or Earth Balance
3 1/2 tablespoons flour
Salt and pepper, to taste

In a saucepan over medium heat, heat the milk, onion and herbs. Remove from heat just before it begins boiling. Let steep for about 15 minutes.

In a separate sauce pan over medium heat, heat the olive oil (or melt EB), add the flour and stir continuously for 2 minutes. Pour the soy milk mixture through a strainer and into the the flour mixture. Whisk until thickened and then stir constantly until the sauce comes to a boil. Move the pan over low heat (or use a double boiler to prevent scorching) and cook for about 25 minutes or so, only stirring occassionally. Season with the salt and pepper.

*You don't have to use the herbs, but they do impart a very nice flavor to the dish.
*You also don't have to use fresh herbs - I used dried in the winter when fresh aren't available to me. Just use about 1/2 teaspoon or so each of the dried herbs.

+Adding about 1/2 cup of soy creamer I think would make this a nice, rich sauce (I haven't tried that yet, but I think I will next time I make this).
+Use this sauce to make a veggie or mushroom lasagna or to replace a cream sauce in a recipe.
+This is my favorite bechamel sauce.

Adapted from Vegetarian Cooking for Everyone by Deborah Madison
View this orginal post in Vegan-Vegetarian Recipe discussion board