Saute the peppers until they are tender; puree them.

Combine the shallots, wine, and vermouth; simmer until the shallots are translucent.

Add the red pepper puree to the shallot mixture; reduce mixture by half.

Add the cream and reduce to nappe'. [sauce will evenly coat the back of a spoon; thickened.]

Monte' au beurre. [whisk the butter into the sauce.]

Adjust the seasoning to taste with salt and pepper.

sauce/chipotles, chile powder, other seasonings, etc. Soy milk will reduce if one prefers to avoid cream. Takes a bit more time and care, but it does work.