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.