Using gloves, remove stems and seeds from dried and fresh chilies. Soak dried chilies in vinegar and water for one hour. Put peppers and liquid into sauce pan. Add fresh Fresno chili (or jalapeno) and simmer over low heat for about 30 minutes.
Remove from heat and let cool slightly. Use a blender to puree until very smooth. With blender running, add oil at a very slow drizzle. Store in refrigerator.