Melt the butter in a large pot over medium heat. Add onion, thyme, white and cayenne pepper; cook until onions are tender, 3 to 4 minutes.

Combine chicken broth, beer and 2 tablespoons corn starch. Mix until corn starch is dissolved. Add corn starch mixture to the pot and bring to a boil. Reduce heat and simmer 5 minutes. Add cream. 

Toss cheese with 1 tablespoon corn starch. Gradually add cheese to soup, stirring until melted before adding more cheese. Add hot sauce, if desired.

Serve immediately. Delicious served with Peppered Parmesan Shortbread.