Fill a medium saucepan or wide deep skillet 3/4 full with hot tap water.Bring to a boil over high heat. Reduce heat to maintain a gentle boil. Trim off and discard woody ends of asparagus.
Place asparagus in shallow microwave-safe casserole dish, cover with vented plastic wrap, and cook at HIGH power 1-1/2 to 2-1/2 minutes or until asparagus are crisp-tender.Cover tightly; set aside in a warm place.Break whole eggs, one at a time, into a small dish. Slip eggs into simmering water. Cook about 3 minutes for soft-set eggs or until cooked as desired.While eggs are cooking, place egg yolks in blender container.
Add lemon juice, salt and cayenne pepper.
Place butter in microwave-safe measuring cup and cook at HIGH power until melted and bubbly, about 1 to 1-1/2 minutes.With blender running, pour hot butter in a stream through the hole in the lid. Blend 30 seconds or until sauce has thickened.Split and toast English muffins.
Place warmed ham on each muffin half and top with about 3 asparagus. Using a slotted spoon, place poached eggs over asparagus. Spoon sauce over eggs.