Today I made a couple of "red hot" hot dogs.
I started by caramelizing about a quarter of a medium onion in butter (the onion was cut into half-rings, but that was strictly for convenience). Then after the onions were nice and brown, I added a bit more butter, then poured in some Frank's Red Hot (do this off of the heat). Turn the heat down to low, add a dollop of molasses, and simmer for a few, until thickened.
It tasted great as a hot dog topping. Next time, I'm going to caramalize a clove or two of garlic along with the onions.