Preheat oven to 400°F. Spray a 13x9 baking dish with olive oil. Melt butter in medium sized sauce pan over medium heat. Whisk in flour until smooth. Cook for 1 minute. Add milk, salt and pepper, mix well. Remove from heat, stir in Cheddar and American cheeses and uncooked noodles. Pour into baking dish, along with drained tomatoes. Cover with aluminum foil and bake for 30 minutes.
Remove foil and top with mozzarella cheese and pepperoni. Bake an additional 15 minutes until bubbling. Top with cilantro. Let stand 5 minutes and serve.