Brown ground beef in a large skillet over medium-high heat, stirring often, 8 to 10 minutes or until beef crumbles and is no longer pink; drain well. Return to skillet. Stir in tomatoes, next 3 ingredients, and, if desired, jalapeño peppers and liquid. Cover and cook 10 minutes.

Meanwhile, prepare Texas toast according to package directions. Serve beef mixture over Texas toast; sprinkle with cheese.