1. If using jalapeno, remove seeds for milder heat; leave them in for more heat. Sauté jalapeno in olive oil until fragrant and a bit translucent.
2. Add rest of ingredients to saucepan and simmer until it reduces a bit and thickens somewhat. (It should be a little thinner than you would expect the final sauce to be, as it continues to thicken as it cools.)
3. Cool completely and refrigerate. Store in a sealed container in the refrigerator for up to three weeks.