Cover beans with cold water and soak overnight. (I never bother soaking, just rinse and cook as long as needed.) Drain the beans. Place them in a saucepan; cover with fresh water; bring to a boil. Lower heat and simmer until the beans are tender, about 45 min. Drain. Cool completely.

In processor, combine chili pepper, garlic and beans. With machine running, slowly add water and oil through feed tube. Add remaining ingredients and process until smooth. Adjust seasonings to taste (I prefer a lot more hot pepper than this recipe calls for).