In a large pan over medium heat, warm oil and butter.
Add onions, cayenne, and pepper. Sauté for 10 minutes.
Reduce heat to medium low, stirring occasionally for 20 minutes.
Meanwhile, in a medium mixing bowl, combine cream cheese, sour cream and mayonnaise until smooth.
Fold in caramelized onions until well combined.
Allow to marinate refrigerated 2+ hours. Serve at room temperature.
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Yellow Onions - Red or white onions and shallots also work well.
Refrigerate - Once you have made the dip, let it cool to room temperature and keep it covered in the fridge. It will last well for 3 to 4 days. I like to serve it at room temperature, so i take it out of the fridge about 20 minutes before serving.