Heat oil in a large skillet over medium high heat until hot but not smoking. Add pimientos or red peppers, green peppers and garlic and saute for 2 minutes. Add black beans, vinegar and hot sauce to taste. Bring the mixture to a boil, then reduce heat to low, cover and simmer for 5 minutes. Stir in rice and cilantro. Taste and adjust seasonings. Serve accompanied by additional hot sauce.