This is a twist on a more traditional egg dish, "egg-in-a-hole." A hole is made in a slice of toast, and an egg is cracked into the hole and cooked into the bread. This version adds a sweet red pepper along with the egg.
Using a 2-inch round cookie cutter or a drinking glass, cut a hole in the center of each piece of bread. Swirl 1 tablespoon of butter in a hot, nonstick skillet. Add the bread and the cut-outs to the pan to lightly brown, about 2 minutes.
Add a small piece of butter to each hole. Lay down strips of pepper to resemble a "bloodshot" eye. Crack an egg into each hole. Season with salt and pepper.
Let it cook until set, about 1 minute. Carefully turn the bread slice and the round cutouts and cook on the other side for another minute. Serve bloodshot side up with the cut-out toast for dipping.