In a large saucepan bring the sugar and the vinegars to a boil over moderately low heat, stirring. In a food processor chop the bell peppers and jalapenos (with some jalapeno seeds, depending upon the hotness desired). Stir the pepper mixture into the vinegar mixture and simmer, skimming the froth, for 10 minutes. Stir in the pectin and boil rapidly for 1 minute. Skim the froth and add 1 to 2 drops of the food coloring. Transfer the jelly to sterilized 1/2-pint Mason-type jars, wipe the rims with a damp cloth, and seal with the lids.
Serve the jelly as a condiment with grilled or broiled meats or with cream cheese on crackers as a canape.