Preparation Melt butter in heavy medium skillet over medium-high heat. Add both peppers, jalapeño, and garlic; sauté until peppers are tender, about 5 minutes. Bring stock and cream to boil in heavy large saucepan. Add grits in thin stream, whisking constantly. Whisk until grits are cooked and mixture thickens, about 6 minutes. Add sautéed pepper mixture and cheese; stir until cheese melts. Season with salt and pepper.
Preparation Melt butter in heavy medium skillet over medium-high heat. Add both peppers, jalapeño, and garlic; sauté until peppers are tender, about 5 minutes. Bring stock and cream to boil in heavy large saucepan. Add grits in thin stream, whisking constantly. Whisk until grits are cooked and mixture thickens, about 6 minutes. Add sautéed pepper mixture and cheese; stir until cheese melts. Season with salt and pepper.