In a medium skillet, cook the bacon, stirring occasionally, until done and on the verge of crispy, approximately 10 minutes. Remove the bacon to a paper towel-lined plate to drain off fat, reserving about 1 tablespoon of the fat in the pan. Discard the rest and reduce to low heat.
Add the garlic and shallot directly to the same skillet with rendered bacon fat. Soften for approximately 4-5 minutes. Stir in the brown sugar, vinegar, water, syrup, bourbon and mustard. Simmer on low heat for 10-15 minutes, stirring occasionally, ir until it starts to thicken and liquids are reduced by about 25%. It will not fully thicken until it starts to cool off-heat.
Return the cooked bacon to the pan. Remove from the heat and stir well.
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Bacon jam can be kept in an airtight container for up to 4 weeks, however, allow to come up to room temperature or heat for a few seconds in the microwave before serving or attempting to spread.For a smoother jam, pulse the mixture in a food processor until desired consistency.