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1. Toss bell peppers w/ a drizzle of olive oil; season with S & P. Place peppers on the hot grill, away from direct heat. Cover grill and cook peppers, turning to char evenly. When the skin is blistered and blackened all over (about 15 min.), put peppers in a bowl and cover to steam and loosen the skin.
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2. Peel roasted peppers, discarding the skin, seeds, and ribs; coarsely chop and set aside.
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3. Heat 2 t. olive oil in a small saute pan over high heat. When the oil is hot, add minced garlic and decrease heat to MH. Saute until garlic begins to show color (2 min). Take pan off the heat; stir in oregano. Set aside to cool.
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4. In a food processor or large blender combine peppers, balsamic vinegar, 1 tsp salt, and 1/8 tsp pepper; pulse until smooth. Pour in warm olive oil with garlic and oregano; pulse to blend. Add butter and process until it's smooth and the color is consistent.
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5. Transfer butter to a bowl and refrigerate until hardened enough to shape into a log (about 30 min.). Place and 18-in-long sheet of aluminum foil on a work surface, and spoon butter lengthwise down the center of the foil. Shape into a log 1 1/2 in. in diameter. Wrap tightly in foil.
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6. Refrigerate for up to one week or freeze for up to one month.
