In food processor bowl, process SPAM® until finely chopped or grind by hand.
In bowl, combine SPAM®, breadcrumbs, bean sprouts, 1/4 cup onions, 1/4 teaspoon ginger and the black pepper; mix well. Using about 1 tablespoon for each meatball, shape mixture into 24 balls. Place on wire rack in shallow baking pan; bake 15 minutes. Cool to room temperature.
Meanwhile, to make sauce, in small saucepan, combine tomato juice, bell pepper and remaining 1/3 cup onions and 1/4 teaspoon ginger. Bring to a boil; simmer 5 minutes.
Spear meatballs on cocktail picks. Serve with warm sauce for dipping.