Heat oil in heavy large pot over medium heat. Add onions and dried red pepper. Cover and cook until onions are tender, stirring occasionally, about 15 minutes. Add brown sugar and vinegar. Cook uncovered until onions are very tender and mixture is thick, stirring frequently, about 20 minutes. Season to taste with salt and pepper. Cool completely. Can be prepared 4 days ahead; cover and refrigerate. Serve with fresh bread or crackers. Makes 2 cups.
Approximate Nutrient Analysis per 2 Tablespoon serving (not including salt to taste):
60 calories, 3.5 g fat, 1 g saturated fat, 0 mg cholesterol, 10 mg sodium, 8 g carbohydrate, 0 g fiber, 6 g sugar, 0 g protein