Pour milk and chopped bacon into a saucepan.

Heat milk and bacon until just before boiling.

Remove from heat and cover to infuse bacon flavor into the milk. Let cool.

Cut butternut squash into chunks.

Add squash, water, onion, and salt to a large saucepan.

Cover and simmer over low heat for 10-15 minutes, or until tender.

Pour butternut squash, butter, and some of the cooking water into a blender.

Blend until smooth.

Gradually add cooking water until desired consistency is reached.

Add bacon-flavored milk for more liquid if needed. Season with salt and pepper.

Set soup aside.

Remove bacon from milk and pour milk into a blender.

Blend on high until foamy.

Pour soup into 4 glasses.

Carefully top each glass with a tablespoon of milk foam.