Heat oil in large pan over medium heat, add onions, saute until golden, add garlic and stir 1 minute. Add chili sauce, preserves, cola, brown sugar, and vinegar. Bring to a simmer, stirring occasionally. Reduce heat to med. low, simmer uncovered until reduced to 4 cups. Stir often about 60 minutes.
Stir in 1 tsp. hot sause. Season to taste with salt and pepper.