In a medium saucepan over medium low heat, add the evaporated milk and velveeta cheese, whisk continuously until the cheese has melted.
When the cheese has melted, turn the heat down to low and whisk in the pickled jalapeno juice and cayenne pepper.
Whisk in the sharp cheddar cheese until fully combined.
Serve hot with your favorite chips, poured into burritos or on tacos.
