In a large bowl, beat butter or margarine and Cheddar cheese until smooth.
Stir in dip mix and flour.
Divide dough in half; shape into a two 5-inch rolls.
Wrap airtight and refrigerate 3 to 4 hours.
Preheat oven to 375°F (190°C).
Grease a large baking sheet.
Cut rolls into 1/4-inch slices.
Bake on prepared baking sheet for 10 to 12 minutes in preheated oven until browned around edges.