Cook bacon according to package directions or using your preferred method.
In a small skillet heat 1 Tbsp of olive oil over medium heat and add in diced onions. Cook for about 10 minutes or until translucent, add in diced jalapeno and continuing cooking for about 5 minutes.
Combine onions, jalapenos and cream cheese in a bowl , stirring until well combined.
Spread one side of each slice of bread with butter or olive oil.
On the unbuttered side of your bread spread a thick layer of the cream cheese mixture. Top it with a couple slices of bacon, a slice of cheddar cheese and a second piece of bread (butter side out)
Repeat until all sandwiches are assembled.
In a skillet or panini press grill your sandwiches over med/high heat for about 4-5 minutes on each side or until desired level of crispiness is reached.