In a large skillet, saute bell pepper, onion, and jalapeno chili in oil until softened, 6 to 8 minutes. Stir in brown sugar, vinegar, and water and simmer, covered, over medium heat until very tender, about 5 minutes.
Simmer, uncovered, until mixture is glazed and thickened, about 5 minutes; cool. Place cream cheese on serving plate and spoon pepper mixture over.
Serve with crackers (not included in nutritional data).