Heat 1 tablespoon butter in non-stick skillet. Add asparagus. Season with salt and pepper as desired. Saute until almost crisp tender. Add ham and continue sauteing until asparagus is crisp tender. Set aside.
Combine beaten eggs, water and salt and pepper as desired. Heat remaining butter in non-stick skillet. Add eggs to skillet and cook over low heat, lifting edges to allow uncooked egg to run underneath. When almost completely set put asparagus and ham over 1/2 of omelet and cover with cheese. Fold other half of omelet over the top. Continue cooking until eggs are set.