In 2-quart saucepan, cook bacon over medium heat until crisp. Remove bacon from saucepan. Drain, reserving 1 tablespoon drippings in saucepan.
Add bell pepper and onion to drippings in saucepan. Cook and stir over medium heat 2 to 3 minutes or until crisp-tender.
Add bacon and remaining ingredients. Cook over medium heat until mixture just begins to boil, stirring frequently. Reduce heat; simmer 5 to 10 minutes or until hot.