1 or 2 cans oysters
Pepper
1/4 c. minced onion (fresh)
1 tbsp. Worcestershire sauce
6 c. milk
1 tbsp. butter

The best bowl of oyster stew I've had is that I've made myself (I was taught this by my aunt).

Take a medium saucepan and add 6 cups milk, 1 or 2 cans oysters, pepper to taste (recommend 1/2 teaspoon), minced onion and Worcestershire sauce. Bring this to a slow boil then back off and let simmer until onion is tender. Last add the butter and let it melt then set down to a bowl and add some oyster crackers. Fight off the crowd and enjoy. If you can't eat it I'll eat it for you.