Brown meat and onions in large skillet over medium-high heat 5 minutes or until browned. Drain drippings from pan and discard.
Add garlic, jalapeno peppers and red pepper to beef in pan and cook an additional 5 minutes, stirring occasionally. Stir in cocktail sauce, molasses, sugar, seasoning, salt and pepper. Reduce heat to low, and simmer 5 minutes. Serve on buns.