Step 1: Simmer pork with bay leaf and salt in water for 45-60 minutes until tender. Shred meat using forks or mixer.
Step 2: Soak chilies, blend with garlic, bay leaf, oregano, cumin, salt, peppercorns, vinegar, and 1 ½ cups water until smooth.
Step 3: In a medium pan, melt lard over medium heat. Add the shredded pork and fry until crispy (about 5 minutes), stirring constantly.
Step 4: Pour the blended chile sauce over the crispy pork, mix well, and simmer uncovered for 10 minutes until most of the liquid evaporates.
Step 5: Taste and adjust with salt if needed. Turn off the heat. Serve the chilorio immediately or store it for later use.