Heat oil in a large saucepan over medium heat.
Add onion; cook and stir 2 minutes.
Add chili and, if desired, adobo sauce; cook and stir 1 minute.
Add sausage; cook and stir 5 minutes.
Drain one can of the beans.
Add drained and undrained beans to onion mixture; simmer over medium-low heat 10 minutes or until heated through and sauce thickens.
Stir in bacon bits. Garnish with cheese and cilantro if desired.