In a small saucepan, bring the water to a boil. Remove from the heat; add the chili peppers, cover and set aside for 30 minutes.

Transfer the chili peppers and about 1/2 cup of the soaking liquid to a food processor or blender, discarding the remaining liquid. Add the garlic, cumin, oregano and salt and pepper to taste and pulse to combine at first, then process until smooth. Set the puree aside.

Pat the lamb dry. Place a Dutch oven or a large, deep-sided skillet with a tight-fitting lid over medium-high heat. Add the lamb and cook, uncovered, turning as necessary, until evenly browned, a total of about 10 minutes. (Be careful not to crowd the pan; may need to cook in batches.)

To the lamb and the drippings in the skillet, add the reserved puree and the stock and bring to a boil. Cover, reduce the heat to medium-low and simmer, turning the lamb occasionally, until the lamb is extremely tender, 1 1/2 to 2 hours. Transfer the lamb to a platter and cover to keep warm.

Skim and discard any fat from the surface of the sauce. Add the honey and stir to combine. Increase the heat to medium-high and simmer until reduced to the desired consistency.

Pour the sauce over the lamb and, if desired, garnish with onion, cheese and cilantro. Serve immediately..