Rub the pepper with 2 tablespoons of the oil and place on a baking sheet. Roast in the oven until soft and skin is blackened. Place the peppers in a medium bowl, cover with plastic wrap and let sit for 15 minutes. Remove the skin and seeds from the peppers. Place 2 of the peppers in a food processor and process until smooth. Cut the remaining pepper into fine dice and set aside.
Place the hominy in a food processor and process until smooth. Heat the remaining 2 tablespoons of oil and butter in a medium saucepan over medium heat. Add the onions, season with salt and pepper, and cook until soft. Add the garlic and cook for an additional 2 minutes. Add the hominy, yellow pepper puree, and heavy cream. Season with salt, pepper, and chipotle puree. Cook for 10 minutes and fold in the diced yellow peppers and Cheddar. Serve with Poblano Pepper Sauce.
Poblano Pepper Sauce:
Place peppers, vinegar, cilantro and honey in a blender and season with salt and pepper.
Blend until smooth. With the motor running, slowly add the olive oil until emulsified.