Heat the butter in a medium saucepan over medium heat until melted. Add the flour and whisk to blend. Season with salt and Essence.
Cook, stirring, for 2 minutes, then slowly add the milk and whisk to blend. Bring the mixture to a boil, then reduce heat to medium-low. Allow mixture to simmer, stirring constantly using a wooden spoon, until mixture thickens enough to coat the back of the spoon, about 20 minutes.
Add the cheese and the chopped jalapeno slices, and whisk until completely melted. Remove from the heat and serve warm with Emeril's Ultimate Hot Dog Bar.
Sauce can be refrigerated for up to 2 days, then reheated on low heat, with a little liquid added if necessary.
Yield: about 3 cups