In a medium bowl add the butter, cream cheese, lemon juice, Worcestershire sauce, hot sauce, and ground pepper. Beat with an electric mixer until well combined and smooth. Stir in cheddar cheese.
Use a spoon to divide the mixture into 12-15 tablespoon-size portions. Dip your clean hands in a little bit of water and smooth each portion into a small ball. Refrigerate for at least 30 minutes (or as long as you want to in advance). Before serving, roll the balls in cranberries, nuts, parsley or green onion. Place a pretzel stick in each. Serve immediately.
Notes
Make Ahead Tip: The cheese balls can be made a day in advance. Make them as instructed, but don't add the pretzels until right before serving.