Heat the olive oil or butter in a large skillet over medium-high heat.
Add the sliced onions and ½ teaspoon salt. Cook for 2–3 minutes while stirring.
Reduce the heat to medium-low and continue cooking for about 25 minutes, stirring occasionally, until the onions are soft, golden, and caramelized.
Remove the onions from the heat and allow them to cool slightly.
In a large mixing bowl, combine the sour cream, softened cream cheese, buffalo sauce, onion powder, chopped chives, and remaining salt.
Use a hand mixer or silicone spatula to mix until smooth and creamy.
Fold the cooled caramelized onions into the buffalo mixture until evenly combined.
If desired, stir in a teaspoon of honey or sugar for a sweeter flavor.
Transfer the Creamy Buffalo Dip to a serving bowl.
Serve immediately or refrigerate for at least 30 minutes to allow the flavors to develop