Add the oysters and their juice to a large saucepan or Dutch oven.

Sprinkle with salt and pepper.

Add water until the oysters are just covered.

Place the pan on the stove and cook until the oysters get curly around their edges. (this will take less than 15 minutes)

Add in the stick of butter and the milk. Cook until the butter melts. Take care not to cook it too high, you don't want to scald the milk.

When the butter melts, the stew is done. Taste and add more salt and pepper or butter if needed.

Serve hot with oyster crackers or slices of crusty bread.