3 c Canned oysters or fresh; drain -- reserve liquid
1/4 lb Butter
1 1/2 qt Butter
1 1/2 qt Low-fat milk
1 ts Salt
1 ts Cracked black pepper

In a large saucepot, heat the butter over med-high heat. Add the oysters and cook for 3 to 5 minutes, or until heated through. Add the reserved juice, milk, salt and pepper. Stir occasionally and continue to cook just until hot. (Do not allow the stew to boil or the oysters will be rubbery.