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Lay the bread down in the pan on medium heat and toast for about 1 minute. Crack egg into the space where the shape was cut out. At this point salt and pepper to taste. This recipe can also be made using egg whites or scrambled egg mixture, but at my house, we love the runny yolk.
Using a 3-inch heart-shaped cookie cutter, remove the center of a thick slice of bread, and toast it. Melt 1 1/2 teaspoons butter in a small skillet over medium heat. Place bread slice in skillet, and cook until underside is lightly browned. Add another 1 1/2 teaspoons butter, and flip bread. Fit cookie cutter, coated with cooking spray, in bread's cutout heart, and crack an egg into cutter. Cover skillet, and cook until egg is set, 2 to 3 minutes. Use tongs to remove cutter.