Place the beef and 1 bay leaf in a large saucepan, cover with salted water, and cook over low heat, covered, until the meat is tender, 1 to 1.5 hours. You can also do this step in a crock pot or pressure cooker.
In a large skillet, heat the oil over low heat until fragrant, then cook the onions, bell peppers, and garlic stirring, or until the onions are tender, 6-8 minutes. Add the tomatoes, sherry, and the remaining bay leaf, and cook, uncovered, and additional 15 minutes.
When the meat is cool, shred it with your fingers or two large forks, season with salt and pepper, add it to the tomato mixture, cover, and simmer over low heat for 30 minutes. Remove the Bay leaves, garnish with the pimientos and peas, and serve with Arroz Blanco (white rice). The dish can be prepared a day or two in advance, cooled, and refrigerated, and then simmered, covered, over low heat for 30-35 minutes.
Alternate way to cook
Add all ingredients together into a slow cooker and cook on low for 5 to 6 hours until the point that you can shred the meat with two forks. You can remove the meat from the slow cooker shred and return back to the sauce in the slow cooker and stir. Let the shredded meat simmer in the slow cooker for 30 min to and hour and the enjoy.
