Peel and seed papaya. Cut into medium chunks. Stem and seed habanero. Cut into small pieces. Process papaya and habanero in blender until broken down slightly. Add remaining ingredients. Process until smooth. Transfer mixture to saucepan. Bring to boil over high heat, reduce to simmer, and cook until thickened slightly, 10 to 15 minutes. Transfer to bowl; cool to room temperature. Refrigerate, tightly sealed, 2 to 3 weeks. Makes 1 1/2 cups.