pomegranate molasses is found in middle eastern food stores or ethnic section of larger grocery stores. You can also simmer pom juice, sugar and lemon juice until thick, but this is better and easier.
Gather your supplies.
Pan toast walnuts, stirring often so they don't burn.
When walnuts are nearly toasted, add two cloves garlic to toast. Toasting the garlic helps mellow it out a little. Keep stirring to keep it from burning.
When everything is well toasted, turn off stove, and set pan aside to cool.
In a blender/food processor, place all the ingredients EXCEPT for nuts and olive oil. (Don't forget that garlic!) Blend well, and check for salt, spice level, etc. Pour into a bowl and set aside.
Remove walnuts from pan in small handfuls, rubbing them together to loosen as much of the bitter skin as you can.
Put walnuts in food processor and pulse a few times. I like it kind of chunky, so the combination of finely chopped and larger chunks works well, but adjust to your preference.
Add 3/4 cup (or less if you prefer it less thick) chopped walnuts to pepper mixture, and mix well.
Add two tablespoons of olive oil. Add more if you prefer. Refrigerate for at least an hour, and then bring back to room temperature and serve with bread of your choice. I like soft French bread.
You can also garnish with pomegranate seeds to make it extra delish, but I didn't have any. Enjoy!