Place the cream cheese, cheddar cheese, bourbon, hot sauce, and half the pimentos and their liquid into a food processor. Pulse, until it becomes a smooth paste and pimentos are completely pureed. Taste and adjust hot sauce if needed.
Next, add the remaining pimentos and pulse once or twice just enough to incorporate them without pureeing the pimentos. You can eat it right away but if using as an appetizer spread I like to refrigerate it for at least half an hour so the cold can make it a bit thicker and the flavors can meld.