In a large, stainless steel saucepan, combine peppers, vinegar, sugar, and cayenne pepper. Cook over medium high heat. Stir frequently until mixture begins to boil.
Stir in pectin; boil 5 minutes longer, stirring constantly, and mix in food coloring. Skim off foam, and remove from heat.
Ladle into sterilized jars. Seal, and process in a boiling-water canner for 5 minutes.