Melt the butter in a skillet over medium heat. Using the rim of a glass or a round cookie cutter with a 2” diameter cut a circle out of the center of the slice of bread. Place the bread in the melted butter and let lightly brown a minute or two on each side.
Carefully crack an egg in the hole of the bread while in the skillet. Season with salt and pepper. Cook for 3 minutes then carefully flip over. Cook until the egg is no longer jiggling, but still feels soft to the touch, about 3-4 minutes. You want to make sure the whites are cooked through, but the yolk is still runny.
Recipe by Lemon & Mocha at http://www.lemonandmocha.com/2014/06/10/hobo-egg/