In a small sauce pan over low-medium heat, combine vino cotto, water, pectin, and red pepper (optional).
Stir continuously to dissolve the pectin. Bring the mixture to a slow boil, then simmer 25 seconds more.
Pour the mixture into the prepared glass jar, then cover. Refrigerate to set.
Notes
Before the first use, skim off the top layer and discard, as this is more firm than the remaining jam. Whisk to disburse the jam into the oil mixture. Jam particles will settle to the bottom. Serve with your favorite Italian bread, crackers and cheese, toast, English muffins and bagels. Or try a bit in a small dipping bowl, add olive oil, jam, and a pinch of salt (adjust each ingredient to taste) and dip!