Heat oven to 350°F. Line cookie sheet with foil.
Separate dough into 8 biscuits. Roll each biscuit into 16-inch rope. To shape each pretzel, shape rope into circle, overlapping dough about 2 inches from each end, leaving ends free. Take 1 end in each hand; twist once at point where dough overlaps. Lift ends over opposite side of circle. Place 1 inch apart on cookie sheet.
In small bowl, mix melted butter, mustard and salt. Brush mixture on pretzels. Sprinkle with cheese. Bake 15 to 18 minutes or until pretzels are golden brown. Remove from oven; brush with any remaining butter mixture. Serve with chili.