Heat oil in a saute pan, then sauté onions for 5 to 10 minutes, or until caramelized.
Toast bread in a toaster or on a grill.
Cook SPAM till browned, about 5 minutes per side, in a skillet with butter.
Toast should be covered with your preferred sandwich spread (mustard or mayo); I like a great spicy brown mustard. Add SPAM, pickle slices, and grilled onions. If it suits you, add lettuce, tomato, or pickled jalapenos.