Melt butter and combine with red pepper; set aside.
Bring water to a simmer in the bottom of a double boiler or a saucepan set up to use as a double boiler.
Whisk egg yolks, water, orange juice and lemon juice in the top portion of a double boiler. Place this over the pan of barely simmering water and whisk constantly until the eggs are thickened (160°F). Remove from the heat and continue to whisk while very slowly adding the melted butter. (A blender could also be used – transfer the egg yolk mixture to the blender and with blender running, gradually add butter through opening in top.)
Blend until mixture is thick and creamy. Stir in orange zest and salt.
Spoon sauce over steamed asparagus spears or green beans.