For sure, it's an alternative method for rust removal and I thank Maynard for bringing it to our attention.
When assessing these methods, I tend to look at all the factors involved. So far, the electrolysis process looks very good to me. I'm sure that I could find farm grade molasses around here somewhere although I've never heard of it being discussed nor have I seen it for sale. Southern Ontario has some of the finest Class 1 agricultural land in the world and there's not much farming activity that is not engaged in here, climate permitting.
To me, this method is just too slow, too complex and too labour intensive compared to the electrolysis. As Dan implied, dealing with molasses is a very sticky situation. Even though the molasses has been diluted by a ratio of seven to one, you still have to use copious amounts of hot water combined with scrubbing to remove it from the part/s being treated. To me, that isn't a fun job, especially if there are tight, hard to reach areas that you eventually want to coat with paint to make sure that rust does not return.
With the electrolysis, you remove the item from the tank, rinse it clean with cold water and dry it as quickly as possible so it can be primed. And of course, the electrolysis method takes anywhere from a few hours to a couple days, tops. Being forced to wait 30 days for the same result isn't my idea of a sweet deal.