Title text: I'm currently in the I Have Cheese phase of this cycle.
The simplest explanation for the comic is the recipe for nachos. You take some tortilla chips, spread them out on a plate, sprinkle them with grated cheese and perhaps some other ingredients like salsa, beans, or guacamole, and put the plate in the oven until the cheese is melted. As usual with a full bag of snacks, you always end up with that tiny bit left at the bottom of the bag. In this case, it is either leftover grated cheese (left) or tortilla chips (right). So you end up buying another package of the other ingredient to make nachos again.
This is an example of a virtuous or vicious cycle, in which a feedback loop reinforces itself. A virtuous cycle has favorable results, while a vicious has detrimental results. In this case it is neither a virtuous or vicious cycle but a delicious cycle - the pun of this joke.
The title text just says that currently, Randall has leftover cheese. He will probably get chips soon, continuing the cycle.
The same problem with having leftovers when making a dish using two types of food that doesn't match up, is the setup for the joke in 1641: Hot Dogs.
- [Frame is split by a diagonal.]
- [First half: Cueball in front of open fridge.]
- Cueball: I have leftover cheese. I should get chips and make nachos.
- [Second half: Cueball with bag of chips.]
- Cueball: I have leftover chips. I should get cheese and make nachos.
- [Caption below the two drawings:]
- A delicious cycle
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