1 c. clarified butter (about 2 c. whole, unsalted butter)
salt and cayenne pepper
1 tsp. freshly squeezed lemon juice (or to taste)
Preheat an 8-in. omelette pan over medium heat.
Add shallots, bay leaf, peppercorns, white wine and vinegar and reduce by half.
Remove from heat and add water; strain and set aside.
In a double boiler, whisk egg yolks and wine mixture together.
Fill a 2.5-qt. sauce pan with 1/3 water and heat to just simmering. Place double boiler insert over simmering water and whisk the egg mixture constantly until becomes thickened and frothy, about 2 minutes.
Remove from heat and continue to whisk. Add clarified butter in a steady stream, whisking until butter is fully incorporated.
Season with the salt, cayenne and lemon juice to taste.