Stir together all ingredients in a 4-qt. microwave-safe glass bowl.
Microwave at HIGH 8 minutes (mixture will boil). Stir mixture, and microwave at HIGH 8 to 10 minutes or until thickened. (You're going for the viscosity of pancake syrup here. The mixture will thicken to soft-set preserves after it cools and chills.) Cool mixture completely (about 2 hours). Serve immediately, or cover and chill preserves in an airtight container until ready to serve. Store in refrigerator up to 3 weeks.
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Just made it....very yummy! The peach pepper variation reminds me of Captain Rodney's sauce. I made one batch just as the recipe states. The second batch I made sugar free using a combination between this recipe and the sugar free sure jell recipe.
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