In a large saucepan, add the oil and saute the shallot and serrano pepper over medium-high heat for 3 to 4 minutes. Add in the blood orange juice, agave syrup, cranberries, chipotle, adobo sauce, cinnamon, and salt. Reduce the heat and simmer, stirring occasionally, until the mixture is thick, 20 to 25 minutes, stirring occasionally. Set aside to thicken, thanks to the pectin in the cranberries.
Guy's Tip: If available, try to purchase 1 fresh blood orange and add this to the cranberries. Segment, add the orange flesh to the pot, and squeeze in any remaining juices from the blood orange membrane. To segment an orange, remove the top and bottom from the orange over a small bowl (to catch the juices). Peel the orange with a small sharp knife, carefully removing all of the pith. Carefully slice between the segments, down each side, and allow to fall into the bowl as you proceed.
Recipe courtesy of Guy Fieri