In medium saucepan, combine chili beans and black beans; mash about half of beans with fork. Stir in picante sauce and cheese spread. Cook over low heat about 4 minutes or until dip is thoroughly heated and cheese melts.
Stir in cilantro. Place in small chafing dish or fondue pot; keep warm for serving. If desired, garnish with additional fresh cilantro or jalapeno peppers. Serve with tortilla or corn chips.