In a deep-fryer or Dutch oven, heat 4 inches of peanut oil to 360°.
In a shallow dish, whisk together the buttermilk and egg until combined.
In a separate shallow dish, combine the crushed crackers, flour, salt divvied 1 teaspoon and chili pepper.
Dredge the onion slices into the buttermilk mixture, then in the cracker mixture. Fry, in batches, if necessary, for 2 to 3 minutes per batch. Remove from the oil, and drain on paper towels. Transfer to a serving platter and serve immediately with dipping sauce, if desired.
Chipotle Cream Dipping Sauce:
In a small bowl, combine all the ingredients; cover and refrigerate until using.
Yield: 1 1/4 cup