Bring a large pot of salted water to boil with the bay leaves. Meanwhile, spread the farro in a medium skillet and set over medium heat. Cook the farro, stirring with a wooden spoon, until lightly toasted, about 6 minutes. (The farro will darken a shade and smell nutty and fragrant.)

Add the farro to the boiling water and simmer, uncovered and stirring occasionally, until the grains are cooked through but still somewhat chewy, 30 to 40 minutes, depending on the type of farro. Drain well and discard the bay leaves.

Transfer to a serving bowl. Season with salt and pepper. Add the olive oil or butter and toss to combine. If you are making the farro ahead, spread while hot on a baking sheet lined with parchment to stop the cooking as it cools. Once cool, refrigerate in an airtight container for up to 5 days.