Preheat oven to 200°C. Line an oven tray with baking paper.
Place milk, water and oil in a small saucepan. Bring to a boil. Remove from heat.
Place remaining ingredients in large bowl of an electric mixer with a dough hook attachment. Add milk mixture. Mix until mixture forms a soft dough.
Roll dough into 50g balls. Place on prepared tray.
Cook in the oven for about 15 minutes or until golden and crisp.
Serve hot so the cheese still melting. Serve with Maestre Jamon Serrano.