Place vinegar, water and pepper in a small sauce pan, boil over low heat until reduced by at least 1/3.

Remove from heat and let cool. Add egg yolks and whisk.

Set the bolw over a pan of simmering water and whisk until it thickens and is ribbon-like, creamy and smooth, about 5 minutes.

Remove from heat and slowly add butter, pouring and whisking until the sauce is thick and glossy.

Add lemon juice, season with salt, white pepper and cayenne. Server at once.