Plenty of milk and cheese, plus constant stirring, are the keys to Emeril's rich, silky grits.
Combine the water, milk, salt, pepper, and 1 tablespoon of the butter in a medium saucepan, and bring to a boil over medium heat. Whisk in the grits. Cook, stirring frequently, for 1 1/4 to 1 1/2 hours. Grits are ready when they are creamy and tender throughout. (It is important to stir often so that the grits do not stick to the bottom of the pan. If the grits absorb all of the water and milk before they are done, add hot water as needed to thin them out until they reach the desired consistency.)
Remove the pan from the heat and stir in the remaining 1 tablespoon butter and the cheese. Serve immediately. (The grits can be prepared in advance and reheated over very low heat.)