In a medium sauce pan over medium high heat, brown the ground beef. Season with a little salt and pepper. Drain excess grease and set aside.
Melt butter in the same sauce pan. Add flour and whisk until butter/flour mixture is bubbly.
Add milk, salt, and pepper. Whisk continuously until thick and bubbly.
Add cooked ground beef back in and stir.
Taste and adjust seasoning as needed (I usually like a bit more pepper). If necessary, add a little more milk until it reaches your desired consistency.
Serve over toast.
Video
Notes
Note: this is the exact same recipe I use for sausage gravy. Instead of ground beef, I substitute with hot, ground breakfast sausage.