Heat half of the oil and 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 heat to low, then cover and let simmer for 2.5-3 hours, or until the meat is fall-apart tender and liquid is thick. (Add beef broth as needed).
During the last hour of cook time, make the grits. Heat other half of oil and butter. Add diced onion, bell pepper, and chilies and cook for about 5 minutes. Pour in grits, then add chicken broth and water. Stir, then bring to a boil.
Reduce heat to low, cover and let cook for 30 minutes, stirring occasionally. After 30 minutes, add half and half. Cook for another 20-30 minutes, or until grits are tender. Remove from heat and stir in grated cheese.
Serve the meat over the grits, put sliced green onion on top for garnish.