Season the meat generously on both sides with salt and pepper, and place a large pot or Dutch oven over medium-high heat with the olive oil.
Add the meat and fry it on both sides until it is browned, working in two batches. After turning off the heat, return the seared meat to the saucepan and put it aside.
Add the tomatoes, onion, bay leaves, peppercorns, cinnamon stick, guajillo, ancho, and arbol chiles to a medium saucepan while the meat is searing. Bring the water to a boil over high heat, making sure to cover thoroughly. After lowering the heat to low, cook for ten minutes with a lid on.
The melted chiles and all the other ingredients should be added to a large blender using a slotted spoon.
Add the beef broth, white vinegar, cloves, cumin, oregano, and one cup of the cooking water that has been steeped in chiles. For a few minutes, blend on high until very smooth. Should your blender be too small, you might need to divide this into two batches.)
Pour the blended sauce into the saucepan with the seared meat after straining it through a fine mesh strainer. Throw away any leftover solids.
Bring the beef and chile sauce to a boil over high heat, stirring to mix well. Once the meat is fall-apart tender, reduce the heat to low, cover, and simmer for 3 to 3 ½ hours.
Using two forks, shred the meat after transferring it to a large basin. Reintroduce the meat into the consomé and serve as a stew in bowls with chopped cilantro and sliced onion, or as tacos with chopped cilantro, diced onions, and shredded Oaxaca cheese wrapped in corn tortillas.