Preheat smoker to 225 F.

Rinse and dry the asparagus and trim off woody ends.

Toss the asparagus with oil, salt, and pepper, and place in a grill basket or on a sheet of tin foil with holes poked through it on the grate of the smoker.

Smoke the asparagus for about 1 hour or until tender, stirring once halfway through the cooking process.

10 minutes before the asparagus is slated to come off the smoker, measure out 10 Tablespoons of butter into a microwave safe liquid measuring cup.  Cook 1 minute at a time in the microwave until melted and very hot, careful though, not to boil away all the water content of the butter.

Meanwhile, separate the egg yolks from the whites.  Discard or reserve the whites for another use.  Place the yolks in the blender cup for an emersion blender.  Add the lemon juice, dijon, Tobasco, sugar, and pepper.  Blend this mixture for 30-60 seconds.  While the emersion/hand blender is going, add a couple of drops of butter.  Move the blender head up and down to incorporate the butter.  Add a couple more drops and repeat.  Then add the rest of the butter in a slow and steady stream, moving the blender up and down as needed.  You can also use a small food processor or a standard blender for this as well.

Keep the sauce in a warm place until ready to use it.

Remove the asparagus from the grill.  Drizzle the hollandaise over it and serve.  You could also serve the hollandaise from a gravy boat at the table.

Hollandaise is best enjoyed right after it is made.  You can keep it warm on the stove in a double boiler for 30 minutes or so.  In theory you can reheat it (very very gently), maybe whisking in a little hot water if needed, but it is just never the same the next day.