- Heat oil in hot small saucepan over high heat 1 minute; remove from heat. Add chilies and garlic; gently swirl pan until chilies and garlic stop sizzling. Cool.
- Break chilies with back of spoon. Strain oil through fine sieve; discard chilies and garlic.
Combine stir-fry sauce with 1 Tbsp. water.
- Heat 1 Tbsp. chili oil in hot wok or large skillet over high heat. Add beef and stir-fry 1 minute; remove.
- Heat remaining chili oil in same pan. Add asparagus; stir-fry 3 minutes. Add bell pepper and onion; stir-fry 4 minutes longer. Add beef and stir-fry sauce mixture. Cook and stir until beef and vegetables are coated with sauce.