Put the oil in a Cast Iron Frying Pan, heat oil. Chop Corn beef up. Place in Pan. Let brown for about 10 minutes. stiring so not to Burn. it will golden brown. Stir in the flour. Let it brown a little. Then : mix Milk and Water together. Pour half of mixer in Pan. Stir, then let bubble a little then stir the remaining Milk and water in Pan . Continue Stiring to keep it from sticking. Bring to a boil. Then turn down heat to a low Simmer. Cover and let Simmer about 5 minutes, Stiring Occasionly. Serve with Rice or Grits.
Optional: Flour some Bacon and deep fry it. Its Great with the Gravy. Don't forget the Biscuits.