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Heat oven to 475°F. Heat 2 tablespoons of the oil in heavy saucepan. Add red onion and cook over medium-high heat for 3 minutes. Add tomatoes and vinegar. Reduce heat; sauté 5 minutes. Add olives, peppers and basil; sauté 5 minutes. Season to taste with salt and pepper if desired. Keep warm. Meanwhile, brush remaining 1 tablespoon oil over both sides of polenta rounds. Place on a large baking sheet coated with cooking spray. Bake until golden brown, about 6 or 7 minutes per side. Arrange polenta slices on plates and portion olive mixture on top.