Heat gas or charcoal grill. In small bowl, mix chili powder, garlic, lime peel, salt, black pepper and red pepper. Sprinkle beef with lime juice. Rub with spice mixture.
Carefully brush oil on grill rack. Place beef on grill over medium heat. Cover grill; cook 14 to 16 minutes, turning once, until of desired doneness. Let stand 5 minutes.
Cut beef diagonally across grain into thin slices. Sprinkle with cilantro.