Put the vegetables in a pan with some butter and saute them until the bell pepper is nice and soft, stirring occasionally, about 20 minutes. Set aside.
In the meantime, wrap each frank with a slice of bacon, securing with two toothpicks. Try to make sure that the toothpicks are all facing one direction, This will make cooking a lot easier.
Preheat the oven to 350.
Line a half sheet pan with foil. Put the cake rack on top of the foil. Put the wrapped dog on the foil and roast until the bacon is browned. This takes about 10 minutes longer than the stovetop method but is a lot simpler.
Put the franks into a large saute pan, and set a flame under them. As the bacon starts to brown, turn them on each side. Eventually, the bacon will be cooked and crisp enough to stay in place without the toothpicks. Remove the toothpicks.
Warm the buns either in the microwave for a few seconds, or in the oven for a few minutes.
Put a frank in each bun and top with the warm vegetable mixture.
Serve with whatever condiments you like, ketchup, mustard, relish, etc.
If you don't want this to be very spicy, then seed the jalapeno and remove the pith before cooking. Make sure you wear gloves when doing this.