Cook the bacon over medium heat in a large, deep skillet until crisp.
Remove from the skillet with a slotted spoon, letting the grease drip back into the pan. Place the bacon on to a paper towel lined plate to drain.
Pour off the bacon grease in the pan, leaving just enough to coat the bottom. Return the skillet to the heat and add the diced onions to the bacon grease. Cook for 3-5 minutes or until softened. Stir in the garlic and cook one more minute.
Remove the onion and garlic with a slotted spoon, letting most of the grease drip back into the pan. Place the onion and garlic into the food processor. Add the bacon to the food processor as well.
Drain any remaining bacon grease from the pan. Do not clean pan.
Add the remaining ingredients to the pan. Heat over medium heat for about 3 minutes, stirring constantly, until the sauce has reduced by about half.
Pour the liquid into the food processor.
Process until the mixture is a chunky, well combined mixture.
Spoon into a canning jar and keep in the refrigerator for up to 1 week.
To prepare the sandwiches:
Heat a large skillet over medium heat.
Spread the butter on one side of each slice of bread. Place butter side down on the skillet.
Top each slice of bread with grated cheese. Spoon bacon jam over the cheese. Top with the remaining bread slices.
Cook for 2 minutes or until golden brown. Flip and cook another 2 minutes or until golden brown and cheese is melted.