Trim and blanch asparagus until tender and stop the cooking by immersing in cold water. Drain and reserve. Soak porcini in stock or water. Bring to a boil and reduce volume to 1/4 cup. Strain. In blender, combine balsamic vinegar and the mushroom soaking water. Emulsify oil into base and season with salt and pepper. Steam asparagus for 1 minute to rewarm and arrange on warm plates.
Saute morels in butter until they release their juices. Increase heat and saute 2-3 minutes. Toss morels in 2/3 of the vinaigrette. Divide among the spears and drizzle a little vinaigrette around each.
Nutritional Info Per Serving: Protein: 4 gr. (7%); Carbohydrates: 12 gr. (21%); Fat: 18.5 gr. (72%); Calories: 215; Sodium: 444 mg.; Cholesterol: 4 mg. Exchanges: 2 Vegetable, 3.5 Fat Serves 4