This recipe was in a Beaumont, Texas, utility company Christmas recipe leaflet from 1951. We've been making it in our family ever since then. I broke many a wooden spoon over the years trying to mix it all together - now the food processor makes it a snap to mix in 15 minutes or less!
Mix all ingredients except cheddar in bowl of food processor until smooth. Add cheddar and pulse until well combined. Chill at least overnight in plastic container (a Cool Whip container is a perfect fit) that has been sprayed with Pam. After chilling, unmold and cover top with chopped parsley or nuts. Allow to come to room temperature before serving to be able to spread on crackers. (P.S. After years of experimenting, we find the perfect cracker complement is Nabisco Sociables!)