In a food processor or blender, combine the bell pepper, crushed red pepper, and vinegar, and blend for a few seconds. Transfer to a medium, heavy-bottomed saucepan and stir in the remaining ingredients. Heat over high heat until it comes to a vigorous boil that cannot be stirred down. Remove from the heat and let cool to room temperature undisturbed (stirring will encourage the formation of sugar crystals). Use immediately, or store in an airtight container in the refrigerator for up to 6 months.