Place oil in a medium size sauce pan and heat over medium heat till oil is very hot, but not smoking. Test to see if oil is hot enough by adding one or two flakes of crushed red pepper. They should sizzle just a bit.
When oil is hot, add the crushed red pepper (it will sizzle a bit) and remove pot from the heat. Set aside to cool. When cool, transfer to a glass jar, cover and allow to sit at room temperature for 12-24 hours then refrigerate until ready to use.