Combine all ingredients in a medium saucepan over medium low heat. Stir occasionally until sauce begins to boil, then lower heat to simmer and cook uncovered for 15 minutes or until syrupy. Watch the sauce closely to be sure it doesn't bubble over.
Preheat barbecue grill to medium heat, or turn on broiler. Rub each salmon filet with olive oil, then lightly sprinkle salt and pepper over top.
Grill(or broil) the salmon for 4-7 minutes per side or until done.
Serve salmon with a small cup of the honey pepper sauce on the side. Enjoy!