To prepare the hollandaise, place the butter in a small saucepan over medium-low heat and cook for 5 minutes or until completely melted. Carefully skim the solids off of the top with a spoon; discard solids. Slowly pour remaining butter out of the pan into a small bowl, leaving remaining solids in pan. Set the clarified butter aside.
Combine the water and egg yolks in a small saucepan, stirring with a whisk until foamy. Place the pan over low heat, stirring constantly until the mixture thickens slightly. Gradually add ¼ cup of the clarified butter, about 1 tablespoon at a time, stirring with a whisk until each addition is incorporated and mixture is thick. Reserve the remaining clarified butter for another use.
Stir the lemon juice and 1⁄8 teaspoon of salt into the butter mixture, whisking until blended. Remove pan from heat.
To prepare the sandwich, snap off the tough ends of the asparagus. Cook the asparagus in boiling water for 3 minutes. Drain and plunge asparagus into ice water; drain.
Add some water to a large skillet, filling 2/3 full, and bring to a boil. Reduce heat the heat to a simmer. Break 1 egg into each of 6 (6-ounce) custard cups coated with cooking spray. Place custard cups in the simmering water in pan. Cover pan and cook for 6 minutes. Remove the custard cups from water.
Place 1 ounce ham and 1 poached egg on each waffle; sprinkle eggs evenly with remaining ¼ teaspoon of salt. Top each serving with 2 asparagus spears and 1 tablespoon hollandaise. Sprinkle evenly with pepper.
Recipe Credit: Cooking Light