Cook the olive oil, sesame oil, red onion, garlic, ginger root, and red pepper flakes in a small, heavy-bottomed pot on medium heat until the onion is transparent, 10 to 15 minutes. Whisk in the vinegar, sugar, soy sauce, peanut butter, ketchup, sherry, and lime juice; cook for 1 more minute. Cool and use as a dip for Grilled Lemon Chicken skewers.
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