Heat oil in a large saucepan over medium heat. Add onion and cook, until tender and translucent. Add beef and cook, breaking with a potato masher until browned.
Add chili powder, cinnamon, cumin, allspice, cloves, bay leaf, chocolate, beef broth, tomato sauce, cider vinegar and red pepper. Stir and mix well. Bring to a boil.
Reduce heat to low; cover and simmer for 1 hour, stirring occasionally. This chili is best if refrigerated overnight. Remove bay leaf. Reheat over medium heat. Serve over angel hair pasta or on a hot dog. Top with onions and shredded cheese.