In a blender, combine the egg yolks, lemon juice, cayenne, and 1/2 teaspoon salt and blend until frothy.
Heat the butter in a small saucepan over medium heat until bubbling ( do not let it brown ). With the blender running, remove the center cap from the lid and add the hot butter in a thin stream, blending until thickened. If the sauce is too thick, add warm water, 1 tablespoon at a time, to achieve the desired consistency.
TIP: To keep the sauce warm for up to 20 minutes, transfer it to a small heatproof pitcher and cover the surface of the sauce direcly with plastic wrap. Set in a saucepan with 2 inches of barely simmering water until ready to serve.
NOTE: Because the eggs in this recipe are not cooked, there is a risk of food-borne illness.
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