2 Melt the butter in a 4 to 5 quart pot on medium heat. Add the onions and cook until translucent, about 5 minutes. Add the chopped asparagus (not the spear tips) to the onions. Sprinkle with salt and pepper to taste. Cook another 5 minutes.

3 Add the broth, water, and thyme to the pot. Increase the heat to a boil, then reduce to a simmer. Simmer, covered, until the asparagus are tender, 10 to 15 minutes. At the end of cooking, stir in the chopped parsley.

4 While the soup is cooking, blanche the asparagus tips in a small pot of boiling, salted water (about 1 1/2 teaspoons of salt per quart of water), until the tips are just tender, about 2-4 minutes, depending on the size of the asparagus. Drain. Rinse with cool water to stop the cooking. Set aside.

5 Use an immersion blender to blend the soup until smooth. (If you use an upright blender, work in small batches, fill no more than a third the blender bowl at a time, and hold down the lid while blending.) For a creamy texture, if you want, press the puréed soup through a sieve or food mill. Stir in the cream. Stir in the vermouth and a squeeze of lemon juice. Season with salt and pepper to taste.

Garnish with asparagus tips. 
Yield: Serves 4-6.