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Step 1
Cook bacon in large skillet until crispy. Remove cooked bacon to paper towels to absorb grease. When cool, crumble bacon into small pieces. Set aside.
Step 2
Do NOT clean skillet. Leave 2 Tablespoons bacon grease in skillet. Discard the rest.
Step 3
In separate bowl or container, whisk together milk, flour, salt and pepper, until lump-free. Pour the milk/flour mixture into skillet with remaining bacon grease. Add crumbled bacon pieces. Heat mixture on medium (whisking/stirring constantly) until it comes to a boil; reduce heat a bit, and continue cooking and stirring, until gravy has thickened (5-6 minutes). Give it a taste test.
Step 4
Add additional salt and pepper, to taste (I ALWAYS add more). Once gravy has thickened, add 1-2 Tablespoons cold butter. Stir until butter is melted, incorporated into gravy, and mixture is heated through.
Step 5
Slice warm biscuits in half horizontally. Place biscuit halves onto serving plate. Spoon hot gravy over each half. Serve and enjoy!