Add 1 teaspoon of olive oil, 1/4 cup chopped red onion, 2 garlic cloves (minced), and a chopped New Mexico chili to a small sauce pan. Warm it over a medium low heat, letting the onions sweat and the chili soften.
Add in 1 bay leaf, 2 tablespoons tomato paste, 1 tablespoon brown sugar, 1 tablespoon Sriracha, and a bay leaf.
Add in the salt and mix enough just to combine. NOTE: Here are some great tips on picking out the perfect peaches. For example, how red they are really doesn't mean much.
Pit the peaches and cut them into cubes. You can peel them but I don't find it to be necessary. Add the peaches to the sauce pot and cook everything for about 10 minutes.
Remove from heat, add in the vinegar and dig out the bay leaf. Puree the mixture until it is super smooth.
Transfer the mixture to a mason jar and let cool a bit before placing a lid on it and putting it in the fridge.
Then serve it on everything!