Combine water, cornmeal and salt in a 2 quart glass measure. Cook, uncovered, at 100%% for 12 minutes, stirring once. 2. Remove from oven, stir in 3 tablespoons of the butter, and add the pepper. Let stand for 3 minutes. Lightly grease a 7" x 4" x 2" loaf fan with half the remaining butter. Pour polenta into pan and brush lightly with the last of the butter. Let stand until cool. Cover and refrigerate until chilled. T serve, slice the polenta about 1/2 inch thick and fry or grill.