Cook chorizo in 12-inch nonstick skillet over medium-high heat, stirring frequently, until browned, about 4 minutes. Remove from skillet and set aside.
Heat 2 tablespoons oil in same skillet over medium-high heat and cook green peppers and onion, stirring occasionally, until very soft, about 8 minutes. Remove from skillet and keep warm.
Heat remaining 1 tablespoon oil over medium heat and cook garlic, stirring occasionally, 1 minute. Stir in water and Knorr® Chicken flavor Bouillon. Bring to a boil over high heat. Gradually whisk in masa. Boil until thickened, about 2 minutes. Remove from heat and whisk in Hellmann's® or Best Foods® Real Mayonnaise. Stir in cilantro.
Transfer polenta to serving platter, then top with sausage and peppers. Garnish, if desired, with crumbled queso fresco.