In a Dutch oven, heat oil over medium-high heat. Add mushrooms, pepper and onion; cook and stir until tender, 7-9 minutes.
Stir in meatballs, barbecue sauce, preserves, pineapple, water, mustard and allspice. Reduce heat to medium; cook and stir 6-8 minutes or until meatballs are heated through. Serve with rice. Freeze option: Freeze cooled meatball mixture in freezer containers. To use, partially thaw in refrigerator overnight. Heat through in a covered saucepan, stirring and adding a little water if necessary. Serve as directed.