Preheat oven to 425 degrees F. Melt butter in the microwave in short bursts. Add two tablespoons of the butter to a 12 inch cast iron skillet. Place skillet in oven to preheat. Reserve 2 tablespoons of butter for the batter.
Add the milk, eggs, flour, salt, and a pinch of chili powder to a blender and blend on high for 30 seconds until the batter is very smooth. Pulse in the remaining 2 tablespoons of butter very last.
Remove skillet from the oven and quickly pour in the batter. Return to the oven and bake for 15-18 minutes. With a smaller skillet, you might need to bake it longer as your pancake will be thicker.
When pancake is done baking, remove and top with sunny-side up eggs (or over easy) diced avocado, fresh cilantro, crumbled cheese, and a sprinkle of chili powder.