1. With a 2-inch round cookie cutter, cut a hole in the center of each piece of bread, reserving cutouts. In a large nonstick skillet, melt 1 tablespoon butter over medium-high. Add cutouts and bread and cook until lightly brown on undersides, about 3 minutes.

2. Add 3/4 teaspoon butter to hole of each piece of bread. Arrange pepper strips in holes to resemble a pinwheel. Crack 1 egg into each hole and season with salt and pepper. Cook until egg whites are set, 1 minute. Gently flip bread and cutouts and cook 2 minutes more (yolks will be runny). Serve pepper side up with toast cutouts for dipping.