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Preheat oven to 425°F. Using a serrated knife, cut bread diagonally into about 20 slices. Arrange bread slices on two large baking sheets. If desired, brush bread lightly with oil. Bake for 8 to 10 minutes or until light brown, turning once.
Meanwhile, in a large skillet heat butter over medium-low heat until melted. Add onions; cook, covered, for 12 to 14 minutes or until tender, stirring occasionally. Cook, uncovered, over medium-high heat for 3 to 5 minutes or until golden, stirring frequently. Spoon onion mixture onto toasted bread slices. Top with cheese. Sprinkle with salt and pepper.