In a small saucepan, combine the white wine vinegar, white wine, minced shallots, chopped tarragon (for the reduction), and crushed black peppercorns. Bring to a boil over medium-high heat.

Reduce the heat to medium-low and simmer until the liquid is reduced to about 1.5 to 2 tablespoons. Remove from heat and strain through a fine mesh sieve into a heatproof bowl, pressing on the solids to extract all the flavor. Discard the solids.

Add the egg yolks to the bowl with the strained reduction. Whisk vigorously until the mixture is slightly thickened and pale in color.

Place the heatproof bowl over a saucepan of gently simmering water (double boiler). Ensure the bottom of the bowl does not touch the water. Continue to whisk constantly until the yolks thicken and coat the back of a spoon (about 140°F to 150°F).

Remove the bowl from the heat. Whisking constantly, very slowly drizzle in the warm clarified butter, a few drops at a time at first. Once an emulsion begins to form, you can pour the butter in a slow, steady stream until fully incorporated and the sauce is thick and creamy.

Stir in the finely chopped fresh tarragon, kosher salt, and a pinch of cayenne pepper. Taste and adjust seasoning if necessary.