Drain and rinse the black-eyed peas. Boil the black-eyed peas in a large stock pot until tender, about 20-30 minutes.
Meanwhile, in a skillet brown the onions in the peanut oil over medium heat. While browning, add a pinch of salt and 1/2 of the red pepper flakes.
When the onions are almost perfectly brown, add the green pepper,the rest of the pepper flakes, and a pinch of salt and black pepper. Saute for about 5 minutes.
Add the cooked beans and coconut milk, reduce the heat, and gently simmer until thickened, stirring frequently. Adjust the seasonings to taste.
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