Watercress Salad with Grilled Onions, Peppers and Spicy Candied Walnuts

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4 tablespoons vegetable oil

1/4 teaspoon cayenne pepper

2 tablespoons sugar

1/2 cup walnut halves

6 tablespoons walnut oil

3 tablespoons white wine vinegar

3 tablespoons chopped fresh cilantro, plus some for garnish

1 small red onion, peeled, cut into thick wedges with stem end left intact

1 red bell pepper, seeded, cut into strips

1 yellow bell pepper, seeded, cut into strips

2 bunches fresh watercress, trimmed and washed