Place 1 Large (5-6 inch) dried red New Mexico chile in a 9 inch square baking pan. Bake in a 300 degree oven until chile smells toasted (about 4 minutes). Let cool slightly.

Discard stem and seeds. Crumble chile into small pieces. In a blender combine: Toasted Chile pieces, 1 tablespoon hot water, 1/2 teaspoon gound cumin, 2 teaspoons lemon juice, 1 egg yolk.

Whirl until smoothly pureed. With blender on high speed, slowly add 1/2 cup melted butter or margarine, in a slow steady stream. Whirl until well blended. Serve warm