In a medium bowl, add the butter, cream cheese, lemon juice, Worcestershire sauce, hot sauce, and black pepper.
Beat with an electric mixer (or whisk) until the mixture is smooth and well combined, then stir in the shredded cheddar.
Use a spoon or small scoop to portion the mixture into 12 to 15 tablespoon-sized portions.
Wet your hands lightly and roll each portion into a small, smooth ball, then place the balls on a plate or tray.
Refrigerate the balls for at least 30 minutes to firm up.
Before serving, roll each chilled ball in dried cranberries, crushed nuts, or chopped green onion to coat.
Insert a pretzel stick into each ball and serve immediately.