Heat the oil in a large, heavy pot over medium heat. When the oil is hot but not smoking, add the onions and cook for approximately 3 minutes until they start to soften, stir frequently.
Add the garlic, cook 1 minute, stirring frequently.
Raise the heat to medium-high, add the ground turkey, chili powder, cumin, salt, black pepper, and cayenne pepper. Stir well until combined.
Arrange the meat in one layer and cook, undisturbed, for 3 minutes. Stir well, arrange in one layer again and cook for 2 minutes. Stir the turkey mixture while breaking up any large pieces with a wooden spoon or spatula until most of the liquid has cooked away.
Add the diced tomatoes, chicken broth, bay leaf, and dried chili peppers (if using) and stir. Raise the heat to high, bring the liquid to a boil (will take about 5 minutes).
Lower the heat to medium-low, cover and simmer 30 minutes to let the flavors develop and come together, stir occasionally.
Raise the heat to medium, add the red beans to the pot, stir. Cook, half-covered, until it starts to simmer.
Uncover the pot and cook for 45-55 minutes (less or more if needed) until the chili thickens and reaches the desired consistency.
Stir occasionally at first. As the chili thickens and reduces stir more often to prevent sticking on the bottom. Also, keep the chili at a simmer, lower the heat to medium-low (or further) if it starts boiling too vigorously.
Remove and discard the bay leaf and the chili peppers. Taste the chili and add salt, if needed. As a reference we added ¼ teaspoon to ours.
Garnish with shredded cheese and green onions, or with your favorite chili toppings.