Dress meat with oil, salt and pepper. Brown the meat over medium-high heat in a Dutch oven. Add water, cilantro or parsley, oregano, onion, celery, carrots, garlic and bay. Bring to a boil then reduce heat to simmer and cook uncovered for 1 1/2 hours. Turn off heat and let rest for half an hour.
Remove meat to shallow platter and shred with forks, cover and reserve. Strain the braising liquids and return to pot, reduce over medium high heat about 30 minutes more.
Meanwhile, prepare the sauce: Heat EVOO, 2 turns of the pan, in a deep saute pan over medium-high heat. Add peppers, onions, garlic and chili pepper to oil, and season with cumin, oregano, salt and pepper, and cook to soften 8-10 minutes. Add in cilantro or parsley, olives, tomato paste, stir a minute then deglaze with reduced braising liquid and stir in tomatoes to combine.
Slide in shredded beef and simmer a few minutes more to allow beef to soak in sauce.
Serve with rolls or tortillas for a party snack or serve with rice and beans as a meal. Top beef with red onions dressed with lime and pickled jalapenos for garnish.