In a medium dutch oven or pot over medium high heat, add the oil and sear the pork until browned on all sides.
Add the vinegar, soy sauce, garlic, bay leaf, peppercorns (tied in cheese cloth if desired), sugar, and water, and bring to a boil. Reduce the heat to medium low, cover, and simmer for 1 hour.
Remove the cover and continue simmering for another 30 minutes to reduce the sauce.
Serve over rice!