Melt 1/2 tablespoon butter on a griddle or in a large skillet, over low to medium heat.
Butter both sides of the bread with the remaining butter.
Cut a hole in the center of the bread with a small biscuit cutter or knife. Set the cut circle aside; you'll fry it up with the main slice.
Add the bread to the hot griddle.
Crack the egg into the hole.
Cook 'til the egg slightly sets on the bottom, and sprinkle with salt and pepper.
Flip and cook the other side of the egg and bread, 'til the egg is cooked, the yolk is soft, and the bread is golden brown.
If desired, flip again and melt the slice of cheese on top. You can make this without cheese, but trust me when I say, cheese makes everything better.
Serve while warm.