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Cook the olive oil, sesame oil, red onion, garlic, ginger root and red pepper flakes in a small, heavy-bottomed pot on medium-low heat until the onion is transparent, about 10 to 15 minutes. (don’t burn the garlic!)
Whisk in the vinegar, sugar, soy sauce, peanut butter, ketchup, sherry and lime juice.
Cook for 1 minute.
Cool and use as a dip for Grilled Lemon Chicken Skewers.