Dice the red onion and red bell peppers into 1/2-inch pieces, peel and cube the butternut squash into 1-inch pieces, mince the garlic, and drain the canned black beans. In a small bowl, combine the chili powder, ground cumin, ground cinnamon, and set aside—toasting spices together before adding them to the pot will deepen their flavors and create a more complex base for your chili. I find that having all my ingredients prepped and ready makes the cooking process flow smoothly without any rushed moments.
Heat 2 tablespoons of olive oil in a large pot over medium-high heat. Once the oil shimmers, add the diced red onion, diced red bell peppers, and butternut squash cubes along with a pinch of fine salt. Sauté for 5-7 minutes, stirring occasionally, until the onion becomes translucent and the squash begins to soften slightly at the edges—this develops a fond on the bottom of the pot that adds depth to your chili. Add the minced garlic and cook for another 30 seconds until fragrant.
Add the spice mixture from Step 1 (chili powder, cumin, and cinnamon) to the pot and stir constantly for about 30 seconds—this blooming technique releases the essential oils in the spices and prevents them from tasting raw or bitter in the final dish. Add the 1 tablespoon chipotle pepper in adobo, stirring to distribute it evenly throughout the vegetables. The combination of warm spices with the smoky heat of chipotle creates the signature depth that makes this chili special.
Pour in the 2 cups of vegetable broth, add the 14 oz canned diced tomatoes (with their juices), the drained black beans from Step 1, and the bay leaf. Stir well to combine all ingredients. Bring the mixture to a gentle simmer, then reduce heat to medium-low, cover with a lid, and cook for 50-60 minutes, stirring occasionally. The butternut squash should become very tender and begin to break down slightly, thickening the chili naturally. I like to let the chili simmer gently rather than boil—this allows the flavors to meld beautifully without the squash becoming mushy.
While the chili simmers, prepare the tortilla strips. Cut the 3 corn tortillas into 1/4-inch wide strips and set aside. Heat 2 tablespoons of olive oil in a large skillet over medium-high heat until shimmering. Working in batches to avoid overcrowding, fry the tortilla strips for 4-7 minutes, stirring frequently, until they turn golden brown and crispy. Sprinkle with a light pinch of salt immediately after removing from the oil. Transfer to a paper towel-lined plate to drain excess oil. The tortilla strips should be ready around the same time the chili finishes cooking.
Remove the pot from heat and carefully remove the bay leaf. Taste the chili and season with fine salt to your preference. If you'd like more smoky heat, stir in additional chipotle pepper in adobo by the teaspoon. Optional: add a pinch of red pepper flakes for extra heat if desired.
Ladle the warm chili into bowls. Just before serving, slice the 2 ripe avocados and arrange slices on top of each bowl. Pile the crispy tortilla strips from Step 5 on top, then finish with a generous handful of fresh chopped cilantro. Serve immediately while the chili is hot and the tortilla strips are still crispy.