Ranchero Sauce: Heat oil in medium saucepan on medium-high heat. Add onions; saute until translucent. Add garlic; cook 1 min. Stir in oregano, chili powder, salt and black pepper. Cook 1 min. Reduce heat to medium-low.
Stir in tomatoes. Cook until sauce is reduced and slightly thickened, stirring occasionally. Stir in cilantro. Keep warm until ready to use.
Cheddar-Chipotle Waffles: Heat Belgian waffle maker to medium-low setting.
Combine dry ingredients in large bowl. Whisk buttermilk, cheese, eggs, oil, cilantro and peppers in separate large bowl. Add dry ingredients to buttermilk mixture; whisk until combined.
Portion one #6 scoop batter onto waffle maker. Cook until light golden brown on both sides. Repeat with remaining batter.
For each serving: Top each waffle with a fried egg and one #12 scoop Ranchero Sauce.