1. Preheat oven to 350°F and coat ring or bundt pan with butter.
2. Combine cream cheese, 1 c. cheddar cheese, 1 diced jalapeno and garlic in medium bowl.
3. Cut each biscuit into quarters. Working with one corner at a time, flatten dough in hand and spoon small amount of cream cheese mixture into center. Pinch dough together to close and roll into ball shape. Place in bottom of prepared pan and repeat with half of remaining dough. Coat dough balls in pan with half of melted butter and top with half of remaining cheese (about a 1/2 cup). Top cheese with half of remaining jalapeno and half of minced shallot and fresh parsley.
4. Repeat with remaining dough and cream cheese, building another layer over the first. Top dough with remaining butter and sprinkle with remaining cheese, jalapenos and parsley.
5. Bake monkey bread for 30-35 minutes, until top is golden brown. Remove from oven and let cool slightly before turning out onto cooling rack. Turn back onto serving platter and serve with bowl of dipping sauce in center.