1. Melt butter with oil in a large Dutch oven over medium-high heat. Add onion, and sauté 5 minutes or until lightly browned. Add garlic; sauté 1 minute. Add ham hock, and gently stir.
2. Add half of collards and 2 cups water. Cover and cook over medium-high heat, stirring occasionally, 10 minutes. Add remaining collards and 8 cups water; bring to a boil. Cover, reduce heat to low, and simmer 2 hours. Stir in jalapeño peppers, if desired. Add table salt and black pepper to taste, and serve with pepper sauce.