First, take a slice of bread and cut a hole in it with a biscuit cutter or the rim of a glass. I used homemade wheat bread for this, so it was a little tricky to get the slices the appropriate width, and the rim of my glass was a little large.
Next, melt a tablespoon of butter in a skillet over medium-low. I busted out the cast iron skillet for the first time, and I have to say that there is something amazingly satisfying about watching butter melt in a cast iron skillet.
Place the hole-y (haha, even funnier because I go to Divinity School) piece of bread in the skillet and let it get a little toasty. Then crack an egg in the hole, sprinkle with salt and pepper, and let it cook for about a minute. Very carefully flip the bread and egg to cook the other side. Sop up the remaining butter with the cut-out circle and serve on the side to help sop up the runny yolk.