Heat oil in a medium sauté pan over medium heat. Once oil is heated, add butter, onions and salt. Cook onions until they are caramelized, about 20 minutes, stirring often and adjusting the heat as needed. Remove from heat; set aside to cool.
In a bowl, combine sour cream, mayonnaise, seasoning and pepper. Add cooled onions; stir to combine. Cover and refrigerate for at least 1 hour.
To serve, transfer dip to a serving dish, and serve with seasonal veggies, chips or crackers.
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