In a food processor, puree cheddar and cream cheese until very smooth. Transfer to a bowl; stir in red pepper, jalapeno peppers and parsley.

Spread bread slices with a generous teaspoonful of cheese mixture; arrange on baking sheets.

Bake in oven for 10 to 12 minutes ( up to 15 minutes if frozen ) in 375°F preheated oven. Bake until tops are puffed and edges toasted. Serve warm.