Step 1) Spray large skillet generously with cooking spray; heat over medium heat. Add bacon, onion, green pepper and garlic; cook until soft, stirring frequently.
Step 2) Stir in undrained beans, water, rice, vinegar, bay leaf, cumin, salt and pepper; bring to a boil.
Step 3) Reduce heat to low; cover and simmer 15 minutes or until rice is almost tender. Add allspice, olives and cilantro, if desired. Simmer 5 minutes longer or until rice is tender. Remove bay leaf before serving.