¼ c. peanut oil
1 lb. Spanish onions, peeled and thinly sliced
2 jalapeño chiles, seeded and thinly sliced
8 oz. Cheez Whiz or other processed cheese spread
2 lbs. rib-eye steak, cut into ¼-inch-thick slices
Salt and freshly ground black pepper
4 Italian or hoagie rolls, split in half
In a medium saucepan, heat the oil over medium heat. Add the onions and chiles and cook for about 20 minutes, stirring often, until the onions are caramelized. Transfer the onion and chile mixture to a bowl and stir in the Cheez Whiz.
Heat a large skillet over medium-high heat. Season the steak with salt and pepper. Sear the steak for two to three minutes on each side, until browned and to desired doneness.
Place a half of each roll four plates. Divide the steak among the rolls and top with the onion mixture. Place the remaining roll halves on the onion mixture to complete the sandwiches.