Slice the onions into 1/4 inch slices. Set aside.

In a medium saucepan, heat the oil over medium heat. Add the onions to the pan and cook until softened. Stir in the tomato paste, honey, chili powder and cinnamon. Continue to cook for an additional 2-3 minutes, stirring frequently. Turn off the heat and allow the onions to cool to room temperature. Serve at room temperature or store in the refrigerator for up to 3 days in an airtight container.