Cook the bacon until crispy, and then remove to a plate with paper towels. Reserve 1 tablespoon of bacon fat from the pan to cook the bacon jam, if desired.
12 strips (¾ pound) bacon
When the bacon is cool enough to handle, chop or break it apart into small pieces.
Meanwhile, place the figs in a heatproof measuring cup and cover with boiling water to rehydrate for 10 to 20 minutes. Drain.
1 cup (about 15) dried figs, stems removed
Heat the reserved bacon fat or oil in a large pan over medium-low heat. When hot, add the onions and cook about 10 minutes until soft and just starting to brown.
1 tablespoon olive oil (if not using bacon fat for cooking), 1 medium onion, chopped
Add the garlic and cook, stirring for one minute.
1 garlic clove, chopped
Add the remaining ingredients (bacon, drained figs, balsamic vinegar, brown sugar, salt, and black and red pepper), cover, and cook over low heat for about one hour, stirring occasionally, until the figs are soft and starting to fall apart. Add a tablespoon or two of water as it cooks if the mixture becomes too dry.
12 strips (¾ pound) bacon, 1 cup (about 15) dried figs, stems removed, ½ cup balsamic vinegar, ¼ cup (48 grams) light brown sugar, ¼ teaspoon salt, ¼ teaspoon black pepper, 1 pinch red pepper flakes
Transfer the entire mixture to a food processor or blender and process until smooth. Transfer the fig and bacon jam back to the pan to keep it warm until ready to use.