– 2 Tablespoons olive oil – 1/2 cup yellow onion, diced – 2 medium jalapeno peppers, diced (about 1/4 cup) – 16 oz. Monterrey-Jack cheese, shredded – 8 oz. White Cheddar cheese (American cheese can be substituted) – 1 (10 oz.) can, diced tomatoes and chilies (like Rotel) – 1/2 - 3/4 cup half and half – 1 Tablespoon hot sauce (optional)
As the cheeses melt, gradually add in the half and half to keep the mixture smooth.