Finely chop the roasted pepper, onion, and mince the garlic. In a large sauce pan, add the butter and olive oil over medium heat. Cook the onion for 2-3 minutes until it softens well. Then add the roasted pepper, garlic, and red pepper flakes. Cook for another 3-4 minutes. Then add the vodka and cook for about 30 seconds, then stir in the tomato paste.
Then stir in the cream and cheese. The mixture will be pretty thick at this point. Once the pasta has cooked, reserve 1 cup of the pasta water and add it to the sauce.
You can store this sauce for up to a week in a seal container in the refrigerator. If you plan to store it longer, I would recommend freezing the sauce.