Saute onions and garlic in olive oil until slightly brown.
Add drained oysters and cayenne pepper.
Cook until edges curl.
Remove from heat; stir in breadcrumbs, Parmesan cheese, oyster liquid and bacon. Mix well. Mixture should be very moist (like stuffing). If too dry, add additional water. Top with additional breadcrumbs and cheese.
Spoon into individual greased ramekins or custard cups.