Cut the 1/2 cup unsalted butter into thirds; let stand about 45 minutes or until butter is room temperature.

In a large skillet, heat the 1 tablespoon butter over medium heat. Add sweet pepper and onion; cook and stir until crisp-tender. Set aside.

To poach eggs, lightly grease a medium skillet. Add water to half-fill the skillet. Bring water to boiling; reduce heat to simmering (bubbles should begin to break the surface of the water). Break 1 of the whole eggs into a measuring cup. Carefully slide egg into simmering water, holding the lip of the cup as close to the water as possible. Repeat with remaining whole eggs, allowing each egg an equal amount of space.

Simmer eggs, uncovered, for 3 to 5 minutes or until the whites are completely set and yolks begin to thicken but are not hard. Remove poached eggs with a slotted spoon and place them in a large pan of warm water to keep them warm.

For hollandaise sauce, in the top of a double boiler, beat egg yolks with a wire whisk; whisk in lemon juice and the 1 tablespoon water. Add 1 piece of the unsalted butter. Place over gently boiling water (upper pan should not touch water). Cook, stirring rapidly with a wire whisk, until butter melts and sauce begins to thicken. (Sauce may appear to curdle at this point, but will smooth out when remaining butter is added.) Add the remaining unsalted butter, 1 piece at a time, stirring constantly until melted. Continue to cook and stir for 2 to 2-1/2 minutes more or until sauce thickens. Immediately remove from heat. If sauce is too thick or curdles, immediately whisk in an additional 1 to 2 tablespoons hot water. Season to taste with salt and ground white pepper.

Meanwhile, preheat broiler. Place English muffin halves, cut sides up, on a baking sheet. Broil 3 to 4 inches from the heat about 2 minutes or until toasted. Top each muffin half with a slice of Canadian-style bacon; broil about 1 minute more or until meat is heated.

To serve, top each bacon-topped muffin half with a poached egg and some of the sweet pepper mixture; spoon hollandaise sauce over. If desired, sprinkle with paprika. Makes 4 servings.

For added color, use 1/2 of a medium red sweet pepper and 1/2 of a medium greeen sweet pepper. Cut each into thin bite-size strips.