Heat butter and olive oil in a large pan over medium heat. Add spiralized butternut squash. Season with chili powder, salt, and pepper. Cook until noodles are soft, yet still retain their shape, approximately 8 minutes.

Using tongs, create four piles of noodles in the pan and make small divots in the center of each one. Crack an egg slowly into each of the divots. Since the skillet is hot, the eggs should start cooking immediately upon contact. Let them cook for about 3 – 5 minutes until the egg is cooked to the way you like it. You can cover the pan if you want the yolk to cook through a little bit more.