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Blanche 1 pound pearl onions in boiling water to cover for 1 minute. Rinse under cool water. Let onions cool, then trim root end and peel. Heat 1 tablespoon sweet butter in large skillet over medium heat and cook onions until they start to brown and caramelize. Add salt and pepper to taste and pour in just enough water to cover the onions. Simmer, partially covered, for 15 minutes. Remove onions and reduce juices to ¼ cup. Put onions back in, glaze with leftover juices and serve.