Adjust oven rack to lower middle position, and pre-heat oven to 400 degrees.
Prepare a piece of aluminum foil to hold the bread. The length of foil should be a few inches longer than the ends of the bread. Slice bread in half horizontally
In a small skillet: cook garlic, 1 tablespoon of butter (and olive oil if using), and water for 5-7 minutes over low heat. Stir occasionally until mixture is straw colored.
In a measuring cup or small bowl, mix hot garlic and remainder of butter (7 tablespoons), salt, and pepper. Spread mixture on the cut sides of the bread.
Sandwich the cut sides of the bread together, and wrap the loaf in aluminum foil. (First fold the long side up and over the bread, fold over ends, and continue to roll.) Place on baking sheet and bake for 15 minutes.
Carefully unwrap the bread and place buttered sides up. Cook for about 10 minutes or until it just starts to brown/change color. Remove from oven and turn on broiler. (Low will take a bit longer, but you can control the browning better.)
Sprinkle the buttered sides of the bread with cheese. Place under broiler and cook until the cheese begins the melt, or for longer until spots begin to turn brown. 1-2 minutes at most.
Transfer to cutting board and cut. *Suggests cutting with cheese side down, but rarely have an issue cutting with cheese up.* Cut into pieces and serve.