Cook the biscuits. In a saucepan, heat the oil/butter and cook the ham until slightly browned. If you want to use sausage, see the note at the bottom. Whisk the flour into the ham and oil/butter and cook for 2 to 3 minutes. Make sure the flour is completely coated by the fat. You do not want/need to cook until there is any color though, but cook out the raw flavor. Whisk in the water/bouillon and milk. Do this slowly while whisking to make sure there are no lumps in the gravy! Once the liquid is whisked in, add the pepper and salt and cook until thickened and bubbling. Turn the heat down and continue to stir and simmer for 4 or 5 minutes. Serve over biscuits or toast. (if using sausage I use pre-cooked sausage patties cut up or pre-cooked crumbles. Americas Test Kitchen actually found pre-cooked to taste better. I do brown it some without any added oil as some will be cooked out, then add enough oil or butter to make the 4 tablespoons. If using raw, cook and remove extra fat.)