Trim fat from meat. In a 4-quart Dutch oven brown half the beef in the hot oil. Remove from pan. Brown remaining beef with the onion. Drain off fat. Return all beef to pan.
Stir in water, tomatoes, chili peppers, salt, and crushed red pepper. Bring to boiling; reduce heat. Simmer, covered, about 1-1/2 hours or until meat is tender.
Remove about 1 cup of the broth from the meat mixture; stir into peanut butter. Return peanut butter mixture to Dutch oven. Heat through. Serve over hot cooked rice. Garnish with egg slices, if desired. Makes 6 servings.