Preheat oven to 400°.
Arrange Brussels sprouts on a jelly-roll pan coated with cooking spray. Drizzle with oil; toss to coat. Bake for 15 minutes.
Add shallots, pepper, salt, and bacon or pancetta to pan; toss well. Return to oven and bake for 10 more minutes.
Mix together sugar and vermouth until sugar is dissolved. Pour over Brussels sprouts and toss to coat. Bake an additional 10 minutes or until caramelized.