Melt the butter. If you want to use clarified butter, skim off the fat solids which rise to the top when the butter is melted.
Melted butter yields a more flavorful sauce but clarified butter will give a thicker, stiffer sauce which may be more resistant to breaking.
Bring about 2 inches of water to a low simmer in a medium sized sauce pot. Place a large heat proof bowl over the simmering water. The bowl should fit snugly, but the bottom should not touch the water.
Add the egg yolks and the lemon juice to the bowl off the heat and whisk them rapidly they become pale yellow and begin to thicken (about 20-30 seconds).
Place the bowl over the hot water. If you are using a metal bowl which might get hot very quickly, you may want to turn off the heat under the water. If you are using a thick bowl or a heavy double boiler, turn the heat down to very low.
Slowly whisk in the warm clarified or melted butter, about 1 tablespoon at a time, until the butter is suspended in the egg yolks.
Whisk in the salt and pepper
The sauce should be thick, but not lumpy. It should drizzle off a spoon, not be as thick as pudding. If it’s too thick, whisk in a bit of water, a teaspoon at a time.
The sauce can be held warm for about an hour over a warm pot of water.