Slice onions into thin strips (cut onion in half, then slice into strips).

Heat the butter and olive oil in large saute pan over med heat.

Add onions, cayenne, salt, and pepper.

Reduce heat to med. low and continue to cook onions for approx 1 hour (stir multiple times).

*you want to caramelize the onions which is a slow cooking process

The onions will be reduced in size, golden brown, soft, buttery and delicious.

Remove from heat and allow onions to cool.

Using an electric mixer, mix together softened cream cheese, sour cream, and mayonnaise until smooth.

Stir in the onions and mix well.

Add more salt/pepper if needed.