In a medium saucepan, combine water, butter, olive oil, and ¾ teaspoon pepper, bring to a boil. Once the butter has melted, reduce heat to a simmer, add the cheeses, and stir until the cheese has melted.

Add the noodles and continue to stir until the noodles have separated. Continue to stir constantly until you have a creamy sauce, about 3 ½ - 4 minutes.

Divide the noodles between two serving bowls, top with a good amount of black pepper and serve.