Spread 1 teaspoon butter on each half of the English muffin and place halves in a 10-inch nonstick pan over medium heat. Cook, swirling muffin halves and pressing gently to get good contact with pan, until both pieces are well browned, about 4 minutes. Transfer to a sheet of aluminum foil, split side up.
Melt remaining 1 teaspoon butter in the now-empty pan and increase heat to medium-high. Add bacon and cook, turning frequently, until browned and crisp around the edges, about 1 1/2 minutes. Transfer bacon to lower muffin half
Spray the inside with nonstick cooking spray and break egg into it. Poke the egg yolk with a fork to break it and season with salt and pepper. Pour 3/4 cup (180ml) water into the pan, cover, and cook until egg is set, about 2 minutes.
Place egg on top of bacon and top with cheese slice. Close sandwich, wrap in aluminum foil, and return to the now-empty pan. Let it warm up in the pan for 2 minutes with the heat off, flipping occasionally. Unwrap and serve immediately.
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