In a Dutch oven or large pot, cook diced bacon over medium-high heat until fat is rendered.
Add ground beef or bison and brown.
Add diced onion and bell pepper to the meat and cook until the onions are translucent and just starting to take on some color.
Add diced chilies such as jalapeños or habañeros, if using.
Add the spices (cumin, paprika, chipotle (or Mexican) chili powder, garlic powder) and tomato paste and stir in well.
Add canned tomatoes, beef stock, pinto beans (including liquid), black beans, molasses and liquid smoke and bring to a simmer. Deglaze pan.
Add salt to taste.
Simmer chili on medium-low heat for at least an hour to marry the ingredients and thicken. Taste periodically. If you like a sweeter chili, add more molasses. If you prefer more heat, add more chili powder. For an extra smokey flavor, add another dash of liquid smoke.
Serve with cornbread or tortilla chips, and cheddar cheese or sour cream (or all four).