Cream butter and cheese. Add chives, caraway seeds, mustard, and red pepper; mix well. Gradually stir in flour, blending well. Shape dough into 4 rolls, 1 1/2 inches in diameter. Wrap each roll in waxed paper. Chill at least 3 hours.
Cut rolls into 1/4-inch-thick slices, and place on ungreased baking sheets. Bake at 350° for 15 minutes. Remove from baking sheets immediately, and place on wire racks to cool.