How to Make It
Preheat oven to 375°F. Cook bacon in a large skillet over medium until crisp, 5 to 6 minutes. Place bacon on a plate lined with paper towels to drain. Roughly chop bacon.
Separate crescent roll dough into triangles. Arrange triangles in a circle, wide ends facing in and points facing out like a sun, and shingling wide ends by about half, on a rimless baking sheet lined with parchment paper. Press overlapping pieces to create a solid sheet of dough. (There will be an 8- or 9-inch open circle in the center.) Chill until ready to use.
Heat oil in skillet over medium-high. Add onion; cook, stirring often, until translucent, 5 to 6 minutes. Add bell pepper; cook, stirring occasionally, until tender, 3 to 4 minutes. Whisk together eggs, salt, and black pepper in a bowl. Add butter to skillet; cook, stirring constantly, until butter melts. Add egg mixture; cook, stirring constantly, until eggs are just set, 3 to 4 minutes. Remove from heat.
Remove dough circle from refrigerator. Arrange egg mixture over widest part of dough circle, leaving dough points exposed. Sprinkle with cheese, and top with chopped bacon. Pull pointed ends of dough up and over filling, and tuck points under inner circle to form a ring. Whisk together egg yolk and water in a small bowl; brush over dough. Bake in preheated oven until deep golden brown, 15 to 17 minutes.
Cut wreath into wedges, and, if desired, serve with salsa.