In a heavy saucepan or Dutch oven, heat the lard over medium-high heat. When hot, add the cubed beef and brown on all sides. Add the Green Chile Sauce and jalapeño rings to the pot and simmer very quietly, uncovered, for 30 minutes.

To serve, ladle into bowls and top with a sprinkling of the two cheeses, green onions and a sprig of cilantro.