Bring 5 cups water and salt to a boil in a medium saucepan; gradually stir in grits. Cook over medium heat 8 minutes or until thickened. Whisk in pepper and cheese; spoon into a lightly greased 11- x 7-inch baking dish. Cover and chill 8 hours.
Snap off tough ends of asparagus. Combine asparagus and water to cover in a saucepan. Bring to a boil, and cook 5 minutes or until crisp-tender. Drain and plunge asparagus into ice water to stop the cooking process.
Cut grits into 8 (3- x 3-inch) squares. Lightly dredge in flour. Melt butter with oil in a large nonstick skillet over medium-low heat. Cook grits squares, in batches, 3 to 4 minutes on each side or until golden. Top each square with asparagus, poached egg, and Creamy Shrimp Sauce. Serve immediately. Garnish, if desired.
Great new way to enjoy shrimp and grits.