Place chicken in a heavy-duty, zip-top plastic bag. Combine pineapple juice and next 4 ingredients; pour over chicken. Seal bag, and marinate chicken in refrigerator 1 hour, turning bag occasionally. Soak 24 (6-inch) bamboo skewers in water 30 minutes; set aside.
Combine soy sauce, peanut butter, vinegar, water, and 1/4 teaspoon ground red pepper in container of an electric blender; cover and process until smooth. Set aside.
Drain chicken; discard marinade. Thread chicken evenly onto skewers. Cut sweet red pepper into 12 (1 1/2-inch) squares. Cut each square diagonally in half, forming 24 triangles. Place 1 triangle on the end of each skewer. Place half of skewers on rack of a broiler pan coated with cooking spray. Broil 5 1/2 inches from heat (with electric oven door partially opened) 4 minutes on each side or until chicken is done. Transfer to a serving platter. Repeat procedure with remaining skewers. Serve satay warm with peanut sauce.