To a dutch oven or stockpot, add butter and a drizzle of olive oil and heat over MED-HIGH heat. Add beef and chorizo and brown, crumbling with a wooden spoon or potato masher.
Drain meat mixture.
Return meat to pot and add onion and jalapeno. Reduce heat to MED and saute for 2 minutes, until onion and jalapeno soften. Add garlic and saute another minute.
Pour in beer and use wooden spoon to scrape bottom of the pan to deglaze. Let beer cook 30 seconds or so.
Add ketchup, brown sugar, chili powder, mustard powder, red pepper, hot sauce and salt and pepper. Stir to combine well and bring to a bubble.
Reduce heat to a simmer, cover and let simmer for 15-20 minutes.
Add additional beer or water if mixture looks like it's reducing too quickly.
Serve over toasted buns or crispy french fries.