To make the meat, heat 1 tablespoon oil and 1 tablespoon butter in a large pot over high heat. Throw in stew meat and brown for 1 minute, then add chipotle peppers, beef broth, garlic, cumin, and chili powder. Stir, then bring to a boil. Reduce the heat to low, then cover and simmer for 2 1/2 to 3 hours, or until the meat is fall-apart tender and the liquid is thick. (Watch the meat occasionally and add more beef broth as needed.)

In the last hour of cooking time, make the grits: Heat remaining 1 tablespoon of both oil and butter. Add diced onion, bell pepper, and chilies and cook for five minutes or so. Pour in grits, then add chicken (or beef) broth and water. Stir, then bring to a boil . Reduce the heat to low, then cover and cook for 30 minutes, stirring occasionally. After 30 minutes, add half-and-half. Cook for another 20 to 30 minutes, or until grits are tender. Remove from heat and stir in grated cheese.

Serve pile of grits with stewed meat (liquid and all) over the top. Sprinkle on sliced green onion for color.