Roasted red peppers can be used in place of the pimientos.
I prefer the texture of the pimento cheese when I shred the Cheddar cheese myself. But if you are in a hurry, you can use packaged shredded cheese.
This recipe makes approximately 3 ½ cups of pimento cheese. Pimento cheese will keep for up to four days in your refrigerator (if it lasts that long!).
In a large bowl, stir together the cream cheese, mayonnaise, and sugar until smooth. Add the cheese and the pimientos. Stir, mashing with a fork, until well-combined and relatively smooth. Season with salt and pepper. Add a dash of the hot sauce if desired. Cover and refrigerate until ready to use.