Begin by removing the seeds from the chili pepper, the easiest way I found was by gently rolling the pepper between my fingers to release the seeds from the pepper and gently tapping as much out as possible
Prepare the red bell peppers by removing the seeds and core - roughly cut in quarters.
Place both the chili and bell peppers in a mortar and pestle or a food processor, with the garlic clove, salt, pepper, and olive oil.
Place in a well-sealed jar, drizzle extra olive oil, and keep in the fridge.
Notes
Can last up 3 months in a well-sealed container and up to six months in the freezer