1. In a large pot, heat 1 teaspoon of olive oil over medium-high heat. Add the ground beef, and brown the meat, stirring occasionally and ensuring that the meat is not scorched. Remove the browned meat and drain any excess fat from the pot.
2. Add the remaining olive oil, and heat it over medium heat. Then add the green pepper, onion, garlic, and sauté until the onions are translucent.
3. Return the browned meat to the pot, and add the remaining ingredients. Bring the mixture to a boil. Then reduce the heat to low, cover, and simmer the picadillo for 30 to 40 minutes, stirring frequently.
4. Remove the bay leaves and serve over white rice with platanos maduros (tostones, if you prefer) and black beans.