Heat oven to 350F. Bring a large pot of water to a boil.
Heat a large saute pan over high heat. Add the chorizo and cook, stirring often, until sausage is browned. Drain fat and set aside.
In a medium saucepan, heat the butter with the flour over medium heat, whisking until bubbly. Cook 2 minutes to cook the flour and make a roux. Slowly whisk in the the milk. Heat, stirring constantly, a minute or two until quite warm. Reduce heat to medium low and add both cheeses, salt, Dijon, and pepper. Whisk until smooth. Stir in the jalapeno and chorizo and set aside
Cook the macaroni to al dente according to package directions in salted water. Drain and add to the cheese sauce. Transfer to a 2-qt baking dish.
In a small bowl, combine the olive oil and panko breadcrumbs. Sprinkle over the macaroni. Bake at 350F for 15-20 minutes until bubbly. Garnish with sliced jalapenos. Yield: 6-8 servings.