Bring a large pot of salted water to a boil. Pour in the macaroni and cook according to package directions, drain and set aside.
Preheat the oven to 425℉ and line a muffin tin with liners.
For the topping: In a small bowl, combine the panko, nutritional yeast and extra virgin olive oil.
In the same pot, over medium heat, melt the butter and then add the flour, whisk constantly until lightly browned, about one minute. Then gradually whisk in the milk. Bring to a boil and then reduce to a simmer, whisking constantly until thickened, about three to five minutes.
Reduce the heat to low and pour in the queso and cheddar cheese and stir to combine. Keep stirring until the cheese has melted and the texture is somewhat smooth.
Add the macaroni back into the pot, remove from the heat and add in the chopped serrano pepper and season well with salt and pepper.
Scoop the macaroni into the prepared muffin tin and sprinkle the topping over each ball.
Place in the oven and bake for 14 to 16 minutes, until the topping is golden.