Combine the milk, cream, oysters liquor n a 2 to 3 quart saucepan and warm over low heat. Add salt, pepper and cayenne, raise heat to high. Bring just to a boil, quicly lower heat and add the oysters. Cook just below a simmer for 4 to 5 minutes or until oysters curl around edges. Remove the pan from heat; add the butter and scallions, stir well.

Serve immediately.