How to Make It
In a food processor, combine the shallots, lemongrass, jalapeños and ginger and puree until smooth. Add the crushed red pepper, nutmeg and cloves and pulse to combine. Scrape the paste into a large enameled cast-iron casserole or Dutch oven. Add the coconut milk, cinnamon stick, lime leaves and 2 tablespoons of the brown sugar and season lightly with salt.
Add the beef to the casserole and bring to a boil. Cover partially and cook over low heat, stirring frequently, until the liquid is nearly evaporated and the meat is tender and deep mahogany, about 2 hours. As the mixture cooks, scrape up any bits that are stuck to the sides and bottom. The fat will separate out when the liquid is nearly evaporated and the meat is tender. Spoon off as much fat as possible and keep warm.
In a medium skillet, heat the canola oil. Add the peanuts and cook over moderate heat just until beginning to brown, about 2 minutes. Add the fish sauce and the remaining 1 tablespoon of brown sugar and cook, stirring, until golden, about 1 minute. Pour the peanuts onto a plate to cool, then break them apart. Transfer the rendang to bowls and garnish with the peanuts. Serve with steamed rice and lime wedges.
The beef rendang can be refrigerated for up to 3 days. The peanuts can be stored in an airtight container for up to 3 days.