Melt butter in a heavy saucepan or top of double boiler; add oysters.

Cook oysters about 3 - 5 minutes, until edges ruffle.

Slowly add milk, stirring constantly. Heat thoroughly.

Add salt and pepper; serve piping hot.

Reduced Sodium: Omit salt. Use unsalted margarine. 170 mg sodium per serving.

Reduced Cholesterol: Use margarine in place of butter. Use skim milk and only 1 cup oysters. 28 mg cholesterol per serving.

Reduced Calorie: Use 2 tablespoons margarine; use skim milk. 178 calories per serving.

Diabetic Exchange (for original recipe): 3/4 milk exchange & 1 meat exchange & 3 fat exchanges per serving.