In a large sauté pan on medium-high heat, fry the bacon until it’s crispy. Then, place the bacon on paper towels, and discard all but 2 tablespoons of the bacon fat.
Add the butter and bacon fat to the pan, and heat for 45-60 seconds.
Add the peppers and onion to the pan along with the salt and pepper, and sauté for 5 minutes. Then, reduce the heat to medium-low, and cook another 10 minutes.
Add the garlic, and sauté another 2 minutes, stirring constantly.
Place all the ingredients inside your MagicalButter machine, and secure the lid.
Press the Blend/Clean button, and listen for 1 short blending burst. (This mini-cycle prepares your sauce to cook evenly.) Then, press the Temperature button, and select 160°F; then, press the 1 Hour/Oil button.
When the cycle is finished, your Red Pepper Bacon Jam is ready to enjoy!