1. We make a roux. Melt the butter in a frying pan under low heat. Mix flour until roux forms clumps.
2. Add a little cold water and mix thoroughly with roux. Bring to a simmer. Repeat by adding a little more water and mixing until you get a mash potato consistency.
3. Add salt, pepper, and can of condense milk and thoroughly mix. Add cold water until you achieve the desired consistency.
Tip: You can get a lumpy gravy by not mixing thoroughly. Just use a blender to smooth the gravy.
Tip: In the old days, you would make this gravy in pan drippings from bacon. Then crumble and mix in bacon bits.