Prepare the macaroni in a large saucepan according to the directions on thepackage. Drain and return to the saucepan to keep warm.
Heat the oven to 350 degrees F.
In a small saucepan over medium heat, melt the butter add the onion andchopped green bell pepper and cook for 5 minutes, stirring occasionally,until crisp tender. Remove from the heat; add vegetables to the macaroni inthe saucepan along with the cheese spread, shredded cheese and hot redpepper sauce, if desired. Toss until well mixed.
Spoon the mixture into a 2 1/2-quart casserole and bake 30 minutes or untilhot and bubbly. Garnish with pepper rings and parsley sprigs if desired.