Heat the oil or water in a large soup pot over medium heat. Add the onion and pepper. Cook for 5-7 minutes, stirring frequently, or until the onion is clear and soft (if you're using water to saute, add more by the tablespoon if the onion starts to stick). Add the garlic and cook for another 1-2 minutes, or until the garlic is fragrant.

Add the black-eyed peas, chili, paprika, salt, and water. Bring the mixture to a boil, reduce heat to low, and cover. Cook for 60-75 minutes, or until the black-eyed peas are completely tender.

Transfer 1/2 cup of the liquid from the pot to a small bowl. Add the peanut butter and whisk it all together to make a slurry. Add the slurry back to the pot. If you wish, use an immersion blender to blend up some of the beans; alternately, you can transfer 2-3 cups beans to a standing blender, blend till smooth, and transfer them back to the pot. (This is totally up to you; I like for some of the beans to be pureed, but it's nice to leave them all whole, too!)

Add the collard greens to the pot. Stir them in well (it'll take a while for them to wilt into the soup), then cover and cook for another 10-12 minutes, or until the greens are tender. Stir in the lime juice, then add cayenne pepper and extra salt as needed.

To serve the stewed beans, scoop them over your favorite cooked grain (or toast), with a squeeze of lemon, a dash of hot sauce, and chopped peanuts, if you like.