In a large Dutch-oven over medium heat cook the bacon, stirring occasionally, until the fat has rendered and the bacon is brown and mostly crisp, about 10 minutes. Transfer the bacon to a paper towel lined baking sheet. Drain all but 2 tablespoons of the bacon fat from the pan.

Add the onions to the pan and reduce the heat to medium-low. Cook the onions, stirring frequently, until they are very soft and a dark caramelized brown, about 30 minutes.

Add the bourbon and scrape up any brown bits from the bottom of the pan. Increase the heat to medium-high and add the cane syrup, vinegar, sugar and cayenne pepper. Bring to a simmer and cook until the mixture is thick and syrupy. Set aside to slightly cool.

Transfer the mixture to a food processor and pulse several times until the mixture is spreadable.Transfer to glass jars, cool to room temperature and then store in the refrigerator for up to 6 weeks.