Heat the canola oil in a large saute pan over medium-high heat. Sprinkle the squab with salt and black pepper and place in the pan, breast-side down. Add the butter and cook the squab until the skin is golden brown. Flip the squab, and continue to cook until medium rare. Transfer to a plate and let rest.
Drain off any excess oil from the pan, and then heat the olive oil over medium-high heat. Cook the carrots, celery and onions until lightly browned. Stir in the garlic and cook 1 minute. Increase the heat to high, and then pour in the port and red wine and cook until reduced by three-quarters, scraping up any brown bits on the bottom of the pan. Add the stock and cook until reduced by half, then stir in the creme fraiche. Strain the sauce into a bowl, and then heat gently in a small saucepan over medium heat. Once bubbling, remove from the heat and add the parsley, thyme and piquillo peppers. Taste and season with salt and freshly ground pepper.
Recipe courtesy of Bobby Flay