In a small saucepan of salted water, bring the potato to a boil. Lower the heat and simmer until tender, about 10 minutes. Drain, return to the pot and mash with 1/4 cup olive oil; let cool.
Meanwhile, in a medium skillet, heat the remaining 1 tablespoon olive oil over medium heat. Add the red onion, season with salt and cook until soft, about 10 minutes. Stir in the crushed red pepper and cook for 1 minute. Stir in the honey and lemon juice and cook until the mixture is reduced to a jam-like consistency, about 10 minutes. Remove from the heat and stir in the vinegar.
Preheat a waffle iron. Using an electric mixer, beat the potato, ricotta, eggs, flour, baking powder, cumin and 1 teaspoon salt on low speed until smooth, scraping down the sides of the bowl.
Grease the waffle iron with cooking spray. Working in batches, pour 1/2 cup of batter into the center of the iron; close and cook according to manufacturer's instructions. Serve with the jam and a dollop of sour cream.