In a large skillet, saute the onions in the olive oil/butter mix until they soften and begin to change color.
Add the chipped beef and stir to coat in the fat.
Sprinkle the flour over the onions and chipped beef and stir well. Let it cook for a couple minutes and change color.
Add the milk and stir well to combine and form the gravy. If too thick, add more milk a couple tablespoons at a time until the gravy is thick and smooth.
Season to taste. I like to use salt, pepper and smoky paprika or cayenne pepper.
Serve over biscuit or toast.
When reheating any leftovers, stir in a little milk to loosen the gravy.