Place chicken in a large, shallow tray or dish. Pour the buttermilk over the chicken and cover. Refrigerate for at least one hour. You can refrigerate for up to 4 hours. Drain the chicken in a colander.
Mix together the flour, salt, pepper and cayenne pepper in a large, sturdy paper or plastic bag.
Heat two cups of oil in a large cast iron skillet on medium-high heat.
One at a time, add the pieces of chicken to the flour mixture and shake the bag to fully coat the chicken. Fry each piece of chicken for 12-15 minutes on each side, or until the chicken is golden brown. Remove the chicken from the pan and place on a rack over a cookie sheet to drain.
Drain all but approximately two tablespoons of the drippings. Stir in two tablespoons of flour and cook for about two minutes. Gradually add the milk, stirring constantly. Gradually add the chicken stock, stirring consistently. Bring the gravy to a boil over medium heat and stir for two or three minutes, until thickened. Season with salt and pepper.
Serve the chicken with a generous amount of gravy.
One 3-pound frying chicken, cut into pieces
2 cups buttermilk
1/2 teaspoon cayenne pepper
2 cups all-purpose flour
1 teaspoon salt
1 teaspoon ground black pepper
Canola oil or vegetable oil, for frying
3 tablespoons all-purpose flour
1 cup milk
Salt and pepper to taste
1 cup chicken stock
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