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1
Dice the hickory smoked bacon and fry in a large skillet until lightly crisp. Remove bacon bits to paper towels and set aside. Reserve about 1 Tablespoon of grease in the pan.
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2
In the same skillet, over medium (or lower) heat, add the jalapeno slices and saute until soft and dark, about 8 to 10 minutes.
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3
In another large skillet, heat the olive oil and butter over medium heat. Add the onions, stir to coat, and saute until soft, 8 to 10 minutes. Add the sugar and stir to coat. Cook, stirring occasionally, until caramelized, about 20 minutes. If the onions begin to burn, reduce heat and add a Tablespoon of water.
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4
While the onions are caramelizing, make the sauce by combining all the sauce ingredients and mixing well.
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5
Spiral 2 slices of the uncooked bacon around the entire length of each hot dog, until it's completely covered. Secure with toothpicks.
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6
Heat a deep-fryer to 350 degrees F. and fry the hot dogs until the bacon is cooked, about 2-1/2 to 3 minutes. (Note: I found that frying one at a time was all my deep fryer could handle without boiling over. But they cooked very quickly so it wasn't an inconvenience.).
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7
While the hot dogs are cooking, spread the inside of each bun with a little margarine or butter and put on a cookie sheet. Broil in oven for 2-3 minutes, or until just lightly browned and toasted.
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8
To Serve: Spread some Spicy Chipotle Sauce on the bun. Add some jalapenos, a hot dog, and some caramelized onions. Squeeze on some more sauce and top with a sprinkle of the reserved bacon bits.
