In a large skillet, cook sausage over medium heat 6-8 minutes or until no longer pink, breaking into crumbles; remove with a slotted spoon. Discard drippings. In same skillet, heat butter over medium heat. Stir in flour until blended; gradually stir in cream and milk. Bring to a boil, stirring constantly; cook and stir 4-6 minutes or until sauce is thickened. Stir in sausage, cheese, pepper and salt; keep warm.
Lightly grease a griddle; heat over medium heat. Meanwhile, in a shallow bowl, whisk eggs and milk until blended. Dip both sides of bread in egg mixture. Cook 2-3 minutes on each side or until golden brown. Serve with gravy.
1 slice French toast with 2/3 cup gravy: 723 calories, 59g fat (30g saturated fat), 259mg cholesterol, 1171mg sodium, 21g carbohydrate (4g sugars, 1g fiber), 29g protein.