In a mixing bowl, combine the softened cream cheese, diced jalapeños, salt, and pepper. Mix well until all ingredients are evenly incorporated.
Heat a skillet over medium heat. While the skillet is warming, butter one side of each slice of bread.
Place two slices of bread, buttered side down, onto the skillet.
Spread half of the cream cheese and jalapeño mixture evenly over the bread in the skillet.
Sprinkle half of the shredded cheddar cheese on top of the cream cheese mixture.
Place another slice of bread on top, buttered side up.
Cook for about 3-4 minutes until the bottom slice is golden brown. Use a spatula to carefully flip the sandwich over.
Cook for an additional 3-4 minutes until the other side is golden brown and the cheese is melted.
Remove the sandwich from the skillet and let it cool for a minute before slicing in half. Repeat the process for the remaining sandwiches.
Serve with a side of ranch dressing or hot sauce for dipping if desired.