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1. In a heavy skillet, add the squash and 1/8 cup of butter, and cook over medium-high heat until the squash is caramelized, which takes about 20 minutes.
2. Melt the remaining butter in another saucepot.
3. Add the thyme, garlic and bay leaf and cook until fragrant.
4. Add the herb mixture to the squash with the lobster stock and peppers.
5. Bring the mixture to a boil, reduce the heat and simmer for 20 to 25 minutes.
6. Remove the bay leaf and thyme.
7. Transfer the mixture to a food processor and pulse until smooth.
8. Return the pureed mixture to the pot and add the heavy cream.
9. Cook until hot.
10. Serve in individual soup bowls.
11. Top with the lobster meat and garnish with thyme.
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