I made this last night to eat during the Oscars and it was absolutely delicious. Not low-fat in the slightest but sometimes you gotta splurge! I do think the fat could be reduced though. The recipe calls for caramelized onions to be sauteed in 4 T. butter plus 1/4 cup oil. After 35 minutes of caramelizing, the onions were swimming in butter/oil so I strained them and the dip was still fantastic. Next time I will cut the amount of oil down to a tablespoon or so and add a bit more if the pan looks on the dry side.
Pan Fried Onion Dip
2 large yellow onions
4 tablespoons unsalted butter
1/4 cup vegetable oil
1/4 teaspoon ground cayenne pepper
1 teaspoon kosher salt
1/2 teaspoon freshly ground black pepper
4 ounces cream cheese, room temperature
1/2 cup sour cream
1/2 cup good mayonnaise
Cut the onions in half, and then slice them into 1/8-inch thick half-rounds. (You will have about 3 cups of onions) Heat the butter and oil in a large sauté pan on medium heat. Add the onions, cayenne, salt and pepper and sauté for 10 minutes. Reduce heat to medium-low and cook, stirring occasionally, for 20 more minutes, until the onions are browned and caramelized. Allow the onions to cool.
Place the cream cheese, sour cream, and mayonnaise in the bowl of an electric mixer fitted with a paddle attachment and beat until smooth. Add the onions and mix well.
Taste for seasonings.
Serve at room temperature.