Heat a heavy Dutch oven on top of the stove over medium high heat. Add oil, and sear meat in the center of the pan for 4 minutes. Turn meat over with tongs; sear all sides for 3 to 4 minutes on each side. Remove meat from pan. Arrange onion, garlic, and 1 bay leaf in the bottom of the pan, and sprinkle with salt and pepper. Return meat to pan, place remaining bay leaf on top of meat, and cover.
Cook in the oven for 30 minutes at 325 degrees F (165 degrees C). Reduce the heat to 300 degrees F (150 degrees C), and cook for 1 1/2 hours. Remove roast to a platter to rest for 10 to 15 minutes. Slice, and top with onions and gravy.