Preheat the oven to 250º F. Cook the asparagus in boiling, salted water, or steam, until just tender. Place the drained asparagus in a shallow serving dish, and keep it warm in the oven. (Asparagus may be blanched ahead of time and reheated in a warm oven, if desired.)
In a small saucepan, heat the butter with 1/4 cup heavy cream over low heat. Stir and pour over the asparagus; return the asparagus to the oven.
Beat the remaining 3/4 cup cream with the salt and pepper until soft peaks form. Spoon over the hot asparagus. Serve immediately.