Allow the mixture to cool undisturbed and then pour it into a jar.
Let the mixture sit for 2 days and then strain the oil.
It will keep indefinitely.
For those who like hot and spicy food chilli oil is a must. It can be purchased ready made from chinese grocers but it is easy to make yourself. Chilli oil can be added as a final spicy touch to dishes during cooking or it can be used as a dipping sauce either on its own or combined with vinegar and soy sauce (eg pot sticker dumplings).