1) If using pomegranate juice rather than molasses or concentrate put 1 cup pomegranate juice into a small saucepan and bring to a boil. Cook down to 2 tablespoons over medium heat, uncovered, for about 6 minutes. Set aside to cool and thicken.
2) Toast the walnuts in a dry skillet over medium-high heat until fragrant, about 2 minutes. Set aside to cool.
3) Put the walnuts and beans into a food processor and smooth. Add red peppers, garlic and salt, lemon juice, pomegranate molasses (or reduced pomegranate juice), cumin, and hot pepper flakes, and process until smooth. Serve with vegetables, pita bread, and/ or grilled chicken.
4) *available at Middle Eastern markets and some larger grocery stores.