In a skillet over medium-high heat, cook the bacon until crispy.  Use a slotted spoon to remove the bacon and place on paper towels to drain.  Discard the bacon fat.

Meanwhile, bring a large pot of water to a full rolling boil.

Add the peas and cook for 1 – 1 ½ minutes.

Drain the peas in a strainer and run very cold water over them until they are completely cooled.  Set aside.

In a small bowl, combine the mayonnaise, sour cream, minced onion, vinegar, sugar, and cayenne.  Stir well to combine.

To a large salad bowl, toss together the English peas, bacon slices,  and most of the shredded cheddar cheese.  Reserve a handful of the shredded cheese.

Pour the dressing over the peas and toss to coat the peas with dressing.  

Cover tightly with plastic wrap and chill for about 1 hour to allow the flavors to marry.

When ready to serve, sprinkle the remaining shredded cheese over the top and serve cold.