Preheat the oven to 400 degrees F.
Place the cream cheese and mayonnaise or sour cream in a large bowl.
Beat with a mixer until smooth.
Add in the cheddar cheese, bacon and jalapenos.
Beat with a mixer until thoroughly combined, about 1 minute.
Coat a small baking dish with cooking spray. The baking dish should have a capacity of at least 3 cups.
Spoon the cream cheese mixture into the baking dish, smooth the top with a spoon.
In a small bowl mix together the panko breadcrumbs, parmesan cheese and butter until thoroughly combined.
Sprinkle the panko mixture on top of the dip.
Bake for 10-15 minutes or until top is golden brown.
Garnish with bacon, sliced jalapenos and chopped cilantro if desired, and serve immediately.