In a small saucepan, bring the water and peppercorns to a boil and reduce by one-quarter.
In the meantime, bring enough water to boil using the medium pot for water bath. Then reduce the heat to a simmer.
Pass the water and peppercorns through a sieve in the mixing bowl and mix in the egg yolks using the whisk.
Place the mixing bowl over the simmering water (water bath), combining the yolks and water in a figure-eight motion, rotating the bowl (about 2 to 3 min.),focusing for constant and gentle heat.
Once the mixture reaches about 65ºC, it will thicken and will be fluffy consistency and a pale yellow appearance. Remove from heat and gradually whisk in the clarified butter in a steady stream until the texture looks like mayonnaise.
Finish adding lemon juice, salt, and cayenne pepper to taste, while continuing to whisk.
Serve immediately.