Heat the olive oil in a pan over medium heat, then add the diced habanero. Saute the habanero for 2 to 3 minutes.
Add the minced garlic to the pan and continue to saute the habanero and garlic for another 1 to 2 minutes.
Add the cherry preserves, ketchup, orange juice, Worcestershire sauce, apple cider vinegar, chipotle powder, onion powder, and salt. Stir well and bring to a quick boil.
Once boiling, reduce the heat to low, then allow the sauce to simmer for 15 minutes.
Remove the sauce from the heat. For a milder sauce, remove the habanero pieces. For a spicier sauce, use a hand blender/food processor to process the habanero smooth into the sauce.
Allow the sauce to cool to room temperature, then use as a marinade, wet rub, or dip.