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When ready to cook, heat a large pot and then add the olive oil and heat until hot. Add the oxtails and fry, stirring every 5 minutes, for 15 minutes. Add the butter beans, scallions and bell peppers, cover the pot and cook over medium heat for 1 hour 30 minutes, stirring every 10 to 15 minutes. Add desired small portions of water when needed (make sure that the water is barely above the oxtails at all times) throughout the cooking period.
Turn up the heat and bring to a boil. You may add additional seasoning salt or other spices, if desired. Mix in the cornstarch and let simmer over low heat for 30 to 45 more minutes. Let cool, then serve.