Pat the pork butt dry with paper towels and generously season with salt and pepper. Heat a large pot over medium-high heat, drizzle about 1 tablespoon of olive oil and sear the pork butt on both sides, about 6-8 minutes or until well-browned.
Reduce the heat slightly and add the water, red wine, bay leaves, garlic, onion, cinnamon and red wine vinegar. Bring to a boil, then place in the preheated oven and cook, covered, for approximately 2 hours or until fork tender. Baste occasionally with the basting liquid.
When finished, remove the pork and strain the braising liquid into a clean sauce pot. Over medium-high heat, reduce the liquid until it thickens and becomes sauce-like. Season with salt and pepper as needed.