Pre-heat waffle iron while you make waffle batter.
If you haven't already, cook chopped pancetta on medium heat in a skillet until fully cooked and all fat is rendered. Remove from skillet when done and place on paper-towel lined plate. Set aside.
In a large bowl, add the flour, baking powder and salt and whisk to combine. Then add the milk, oil and eggs and whisk everything together until a thick but pourable batter forms. Then add pancetta, cheddar cheese and green onions and stir everything together.
Spray waffle iron with cooking spray and use a ladle to pour batter into iron. Cook waffle until iron says done or until golden brown.
Top with slices of compound butter and a fried egg.
To make compound butter, add together the softened butter, lemon zest and grated garlic adn stir together. Then wrap butter in plastic wrap and place back in refrigerator to firm up.