Preheat the oven to 400 degrees. While the oven is heating, peel, seed, and cube the butternut squash. Lightly grease a baking sheet and spread the butternut squash evenly. Drizzle with the olive oil.
Bake the butternut squash for 30 minutes flipping halfway through.
Once the butternut squash is done, combine the squash, chipotle pepper, salt, garlic powder, cheese, nutritional yeast, and water in a food processor. Blend until smooth. Add additional water until desired consistency.
Serve immediately with tortilla chips or refrigerate for later use.
This recipe is for about 4 people (makes 1 1/4 cups), but if you are having a larger get-together, using the whole butternut squash and doubling the other ingredients will work for closer to 8 people.