Add pepper. Bring to boil. Stir well until thickened and bubbly. Reduce heat to medium. Place lid askew. Cook 6 minutes.
Meanwhile, cut asparagus into 1-inch pieces.
Add to soup. Bring back to boil. Reduce heat to medium-low. Cook gently, uncovered, for another 6 minutes, or until vegetables are tender. Stir occasionally.
Pour soup into serving plates and serve immediately.