Saute peppers in butter.
Add water, salt, cayenne and MSG and bring to a boil.
Slowly stir in quick hominy grits and return to a boil; reduce heat and cook about 5 minutes longer, stirring frequently.
Add chopped pimento, well-drained (optional- I've never used this)
Pour into a 8"x8" pan that has first been rinsed with cold water. (This keeps the grits from sticking to the pan :-)
Cover and refrigerate several hours or overnight until firm.
When cold, cut into 1/2" squares.
Toss cubes of grits with Cheddar or American cheese.