Mix all marinade ingredients in medium bowl and set aside.
Combine jelly and chopped pepper in a small sauce pan and cook over low heat until jelly is melted, about 3 minutes. Continue to cook for 1 minute. Remove from heat and stir in sherry and honey. Set aside.
Place ribs in a large baking pan and pour marinade over them. Cover and refrigerate for 2-4 hours, turning ribs once