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Makes about 2 cups
2 large yellow onions
4 tablespoons butter
1/4 cup vegetable oil
1/4 teaspoon ground cayenne pepper
1 teaspoon kosher salt
1/2 teaspoon freshly ground black pepper
4 ounces cream cheese, room temperature
1/2 cup sour cream
1/2 cup good mayonnaise
1. Cut the onions in half, and then slice them into 1/8-inch thick half-rounds.
2. Heat the butter and oil in a large pan over medium heat. Add the onions, cayenne, salt and pepper and cook for 10 minutes. Reduce heat to medium-low and cook, stirring occasionally, for 40-50 minutes, or until the onions are caramelized. Let the onions cool.
3. Place the cream cheese, sour cream, and mayonnaise in a large bowl and beat until smooth. Add the onions and mix well. Season with salt and pepper.
Can be made a day ahead, cover and refrigerate. Serve at room temperature.
NOTE: if doubling, cook the onions in two separate pans, otherwise the onions tend to steam instead of caramelize