Wearing gloves, wash and dry peppers. Cut both ends off each pepper, then slice in half lengthwise.
With your knife flat against the inside of the pepper, scrape the seeds and ribs out. Flatten pepper with your hand against cutting board.
In a medium skillet, heat olive oil for 2-3 minutes. Place peppers inside down on the skillet, pressing down with spatula.
Cook peppers for 2-3 minutes; flip and cook the outside for 2-3 minutes. Remove from skillet to plate and set aside.
Spread 1/2 Tablespoon of butter on each slice of bread. On the opposite side of each slice of bread, spread 1 ounce of cream cheese to edges. (You will have 8 slices with butter on one side and cream cheese on the other side.)
Layer, in skillet, 1 slice bread with butter down, 1 slice cheese, 2 jalapeno halves, 1 slice cheese, then the top piece of bread with the butter side up/cream cheese inside.
Cook over medium-low heat until toasted, then flip sandwich over with spatula and continue to cook until the second side is toasted.
Remove from skillet and repeat with remaining two sandwiches.
Note: When preparing fresh jalapenos, always wear gloves and avoid touching your hands to your face, lips, or eyes.