Heat a medium sauce pan with over medium high heat. Add the bacon and cook until crispy.
Add the jalapeno. Cook until it starts to soften, about two minutes.
Add the chicken broth and the milk. Use a wooden spoon to scrape all the brown bacon bits off the bottom of the pan. Bring to a gentle simmer. (Keep your eye on this, as the milk will quickly boil over).
Slowly whisk in the cornmeal. Continue to whisk until the mixture thickens, about 1-4 minutes. It should have the consistency of a thick pancake batter.
Remove from the heat. Stir in the cheddar cheese until it melts. Add salt and pepper.
Place in a serving dish, and garnish with fresh cilantro.
Video
Notes
The polenta will start thickening almost as soon as it's off the heat. You want almost a brownie batter consistency. If it gets to thick just add a couple of tablespoons of chicken broth or water, and whisk it in. It will be good as new!