In a large skillet over medium heat, add the rehydrated and chopped chiles, chopped figs, onions, and butter. Cook for about 10 minutes.
Transfer those items to a blender along with sugar, beer, ketchup, vinegars, preserves, honey, and salt and pepper. Puree until smooth.
As the blender runs, add as much water from the chiles as needed to get the consistency you like. I added about 1 cup of reserved water, but it’s personal preference. Also, depending on the size of your blender, you might have to work in batches.
This recipe makes A LOT. It will keep fine in the fridge for two weeks or you could freeze it. You can also pretty easily halve the recipe.