1. Preheat oil in medium sauté pan over low heat.
2. Add peppers and onions and cook 3-5 minute, stirring often.
3. Stir in water and preserves then simmer 4-6 minutes or until mixture slightly thickens.
4. Mix in lemon juice and cayenne.
5. Remove from heat and refrigerate until ready to serve.
Tip: Add some extra cayenne or diced jalapenos for a spicier version.