In a 3-quart microwave-safe casserole, combine olive oil, beef, onion, and sugar. Cover and cook in microwave oven on high for 4 to 8 minutes or until beef is no longer pink, stirring once.
Add red wine, water, vinegar, tomato paste, TABASCO® Sauce, bay leaves, peppercorns, cinnamon, garlic, brown sugar and salt. Cook, covered, on high 6 minutes or until boiling. Stir. Cook, covered, on medium-high 15 to 20 minutes or until meat and onions are tender.
Let stand covered for 10 minutes. Remove bay leaves. When ready to serve, sprinkle each serving with walnuts and cheese.
Makes 4 servings.