In a small saucepan, combine the wine, peppercorns and shallot. Bring to a gentle boil and reduce the liquid in half. Strain the solids through a sieve and return to the pan. Add the lemon juice and reduce to about 2 tablespoons. Remove the pan from heat and let cool for a minute or two. You do not want the pan to be hot - but warm. Whisk in butter a piece at a time, emulsifying the mixture. If you need to return the pan to the burner (on low) you can do that. Keep warm and serve over almost anything. This is especially good on vegetables, fish, chicken, pork, rice and pasta.