Cut the pound of bacon into small bits, about 1/2 inch to 1 inch. Don't worry if some are stuck together because they will separate during cooking. Unlike cooking regular bacon, you can cook the whole pound at once.
Cook the bacon pieces over medium heat. Don't be in a hurry - slow cooked bacon is good in this recipe. Stir frequently during cooking so that bits separate from each other and can cook evenly.
Remove bacon pieces from heat and set aside.
Drain most of the bacon grease, either in a porcelain container to use later or in a disposable metal container like a can. Save about 2 Tablespoons in the pan.
Chop onion into small even pieces.
Slowly cook onion pieces in bacon grease. When they begin to turn clear/transparent (after about 5 to 10 minutes) and become soft, add the bacon pieces back in.
Add light brown sugar, pepper, vinegar and maple syrup.
Simmer the entire mixture for about 20 to 30 minutes. You will know when the bacon onion jam is ready when the onions have turned into a jam-like consistency.
For a more jam-like texture, you can run the mixture through a food processor quickly. However, bacon onion jam is also fine to eat with the larger pieces.