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Cut the Buddig Beef into strips, then into short segments. (Approximately ½ X 1 inch)
Place a large skillet over medium heat. Add the butter. Once melted, whisk in the flour to create a roux. Cook the roux for 2-3 minutes until light-gold in color.
Whisk in the milk. Then add the onion powder, thyme, and cayenne. Simmer to thicken for 2-3 minutes. Then add in the dried beef. Cook another 1-2 minutes to warm the beef and thicken. (If the gravy thickens too much, add another splash of milk.)
Meanwhile, toast the white bread slices in a toaster. Once the creamed chipped beef is your preferred thickness, place 2 slices of toast on each plate and cover with chipped beef gravy.