Cook bacon until crisp; drain, reserving one tablespoon drippings. In a blender or food processor, blend cheese, butter, parsley, green onions and pepper rings.
Add bacon and reserved drippings; process until bacon is finely chopped. Chill mixture 3 hours, or until firm. Form mixture into one-inch balls. Roll balls in chopped pecans.
Store in refrigerator up to 2 days before serving. Serve with crackers.