Heat 1 tablespoon of neutral oil in a nonstick skillet over medium heat. Add 1 finely diced yellow onion and 1 minced jalapeño, cooking for 2-3 minutes until the onion is translucent and soft. Season with salt and pepper.

Introduce 8 ounces of diced cream cheese into the skillet. Stir continuously until the cream cheese fully melts and becomes creamy.

Add in one can of Rotel tomatoes and chilies along with ½ teaspoon of ground cumin and ½ teaspoon of chili powder. Mix thoroughly and cook for another minute.

Gradually pour in 1 cup of evaporated milk while stirring. Increase heat to bring the dip to a gentle simmer, cooking for 3-5 minutes until it thickens.

Lower heat and add in 2 cups of grated Monterey Jack cheese, stirring continuously until fully melted.

Fold in ¼ cup of freshly chopped cilantro and 1 tablespoon of lime juice. Adjust seasoning with additional salt and pepper if needed.