Combine peas and water in a medium saucepan; cover and cook 10 minutes or until peas are tender. Pour half of mixture into container of electric blender; process until smooth. Pour into a large bowl. Repeat procedure with remaining pea mixture.
Stir in whipping cream, butter, salt, and pepper. Cover and chill several hours. Serve with a dollop of whipped cream.
Note: Soup may be served warm with croutons, if desired.