In a medium saucepan with a lid, melt the butter. Add in the
rice and fry over medium heat for 3 minutes to toast the rice.

Add in the onion and green bell pepper. Fry the rice and vegetables
and additional 2-3 minutes, stirring well.

Add in the salt, garlic powder, black pepper, cumin, cayenne
(if using), bay leaves, and Knorr tomato bouillon. Stir well into the rice and
vegetable mixture to incorporate.

Add in the water and the tomato (and whole jalapeno if using).
Stir well to incorporate. Bring the mixture to a boil.

Lower the heat to a gentle simmer and cover with a tight-fitting
lid. Simmer for approximately 20 minutes.

Remove from heat and let stand 5 minutes. Fluff with a fork
before serving.