1) If using pomegranate juice rather than molasses or concentrate, put 1/2 cup pomegranate juice into a small saucepan and bring to a boil. Cook down to 1 tablespoon over medium heat, uncovered, for about 6 minutes. Set aside to cool and thicken.
2) Toast the walnuts in a dry skillet over a medium-high heat until fragrant, about 2 minutes. Set aside to cool.
3) Put the walnuts and bread crumbs (or crackers) into a food processor and process until finely ground. Add red peppers, garlic and salt, lemon juice, pomegranate molasses (or reduced pomegranate juice), cumin, and hot pepper flakes and process until smooth. While the processor is on, add olive oil in a thin stream until desired consistency. Serve with vegetables, pita bread and/ or grilled chicken.