Heat the oil in a small saucepan over high heat. Add the jalapeño and shallots and sauté for 30 seconds. Add the crushed red pepper, salt, black pepper, and water and cook for 30 seconds. Reduce the heat to medium
Stir in the syrup and honey, bring to a boil, and cook for about 2 minutes. Stir in the sugar and chili powder and simmer for 2 minutes. Remove from the heat. Serve immediately or store, refrigerated, in an airtight container for up to 2 days. Reheat in a small saucepan over low heat.
Yield: 1/4 cup