1. Preheat oven to 325°.
2. Heat oil in a heavy roasting pan over medium-high heat. Sprinkle beef with 3/4 teaspoon salt and black pepper. Add beef to pan; cook 15 minutes, browning on both sides. Drain oil from pan. Add water and next 14 ingredients (through cinnamon). Bring to a boil; cover with foil, and bake at 325° for 4 hours. Remove beef from pan, reserving cooking liquid. Strain liquid through a sieve into a bowl, and skim fat from surface. Return liquid and beef to pan.
3. Cook beef, uncovered, at 325° for 1 1/2 to 2 hours or until meat is fork-tender, basting occasionally. Remove beef from pan, reserving cooking liquid; cover and keep warm.
4. Place a large zip-top plastic bag inside a bowl. Pour cooking liquid into bag. Carefully snip off 1 bottom corner of bag, and drain liquid into a medium saucepan, stopping before fat layer reaches opening. Discard fat. Cook the liquid over medium-high heat until reduced to about 1 cup. Stir in remaining 1/4 teaspoon salt, honey, and lime juice. Cut beef diagonally across grain into thin slices; serve with sauce. Sprinkle evenly with chopped cilantro.