Sprinkle chops with 1/2 tsp. salt and black pepper. Brown chops in 12-inch nonstick skillet over medium-high heat; remove and set aside.
Heat Olive Oil in same skillet over medium heat and cook red peppers and onion, stirring occasionally, 2 minutes or until vegetables are tender. Add chili powder and stir 1 minute. Stir in Sauce, water, preserves and remaining 1/2 tsp. salt. Bring to a boil over high heat. Reduce heat to low. Return chops to skillet, turning chops to coat. Simmer covered 3 minutes or until chops are done. Serve, if desired, with hot cooked rice or noodles.