Cook bacon in a large pot until crispy. Remove bacon and set aside, leaving about 1 tablespoon of bacon grease in the pot.
Add onion and jalapeños. Cook for 3-4 minutes until softened.
Sprinkle flour over the vegetables and stir for 1 minute.
Slowly pour in chicken broth while stirring. Add milk and bring to a gentle simmer.
Stir in cream cheese until melted and smooth. Add cheddar cheese and stir until creamy.
Return bacon to the pot. Season with salt and pepper & whatever additional seasoning you want to add yourself.
Butter one side of each bread slice.
Place cheese between bread slices.
Cook in a skillet over medium heat until golden brown on both sides.
Cut into strips for dipping.