Cream 1/2 cup butter until soft. Beat in 2 eggs and molasses until fluffy. Stir in figs, 1/2 ts lemon peel and buttermilk. Resift flour with soda, baking powder, ginger and salt. Stir dry ingredients into pudding mixture. Pour into greased 9 inch tube pan. Bake at 325 degrees 1 hour until done.
Meanwhile, to make sauce, cream 1/2 cup butter and sugar until light. Beat in 2 eggs. Stir in sherry, 1 ts lemon peel and nutmeg. Shortly before serving, beat sauce over hot water in double boiler. Heat thoroughly. Serve with hot pudding.