Split the English muffins in half and toast them until lightly golden. Spread the toasted muffins with the softened butter.
Heat a large skillet over medium-high heat. Melt 2 teaspoons of the butter, then cook the Canadian bacon for 1–2 minutes per side until lightly browned. Place one slice of Canadian bacon on the bottom half of each English muffin.
Add the remaining butter to the skillet. Lightly coat four egg rings or canning jar rings with nonstick cooking spray and place them in the skillet.
Crack one egg into each ring. Pour the water into the skillet around the rings, then immediately cover the skillet with a lid.
Cook for 2–3 minutes, or until the egg whites are set and the yolks reach your desired doneness.
Carefully remove the egg rings and place one cooked egg on top of each slice of Canadian bacon.
Top each egg with a slice of American cheese, then add the top half of the English muffin.
Serve immediately while warm.
Notes
These are great to make ahead for the week. Refrigerate the leftovers in an airtight container for up to 5 days. You can easily use sausage or bacon instead of Canadian bacon in this recipe if you prefer.