Prepare asparagus according to package directions; drain and set aside. In a large saucepan, melt butter. Stir in flour until smooth; gradually add milk. Bring to a boil; cook and stir until thickened, about 2 minutes. Cool slightly., Pour half the milk mixture into a blender; add half the asparagus. Cover and process until very smooth; return soup to the saucepan. Repeat with the remaining milk mixture and asparagus. Stir in the cheese, hot pepper sauce, salt and pepper; heat through (do not boil). If desired, top with roasted asparagus tips.