2 tbsp. butter
2 tbsp. all-purpose flour
1 1/2 c. warm milk
1 (8 oz) jar dried beef
1 pinch cayenne pepper

In a medium saucepan over low heat, melt butter. Whisk in flour all at once to form a roux. Whisk in milk, a little at a time, increase heat to medium-high, and cook, stirring, until thickened. Bring to a boil, stir in beef and cayenne, heat through and serve over toast.

Note: This can also be made with 3/4 lb. browned, drained hamburger.