Prepare 6 small mason jars with lids. If canning the jelly, follow your favorite process/directions and sterilize the jars and lids.
Remove the stems and ribs from the bell peppers and discard. Finely chop the peppers and add them to a deep, medium saucepan. Cut the cherry peppers in half and remove most of the seeds. Chop into a fine dice and add to the pan with the bell peppers. (Take care when cleaning and chopping hot peppers. Wear gloves and/or be sure to wash your hands very well in warm soapy water, a couple of times. Do not touch your eyes!)
Add the vinegar and water to the saucepan.
Place 1 1/2 cups granulated sugar in a small bowl. Remove 2 tablespoons sugar from the bowl and combine with the fruit pectin in a separate small cup. Pour the sugar/pectin mixture over the peppers and stir to combine.
Bring the mixture to a full rolling boil that does not stop boiling when stirred on high heat; stir constantly. Add the remaining sugar and return to a full boil and boil for exactly 1 minute, stirring constantly. Be careful it does not boil over.
Remove from the heat. Skim off any foam with a metal spoon and discard.
Immediately ladle the jelly into the prepared jars and fill to within 1/4 inch of the top. Wipe the rims of the jars and add the lids. Process in a hot water bath if canning. Jelly will keep for up to 3 weeks in the refrigerator.