Place all ingredients except olive oil into a Vitamix (Alternatively you can use a different type of blender or a food processor, but I really like the results I achieve with the Vitamix.) Start on low and turn up speed as the mixture allows, blending until sauce ingredients are well incorporated.
With motor running, remove the small cap in the lid and slowly stream in olive oil. Replace cap and continue blending until desired consistency. I like mine fairly smooth and creamy.
Taste and add salt (up to a ¼ teaspoon) and additional crushed red pepper if desired.