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1. Place a steamer basket in a large skillet. Add enough water to come just below bottom of basket. Bring to boiling. Place asparagus in basket. Reduce heat to medium-low. Steam, covered, for 4 minutes. Remove asparagus from basket; immerse in ice water to cool quickly. Drain asparagus; pat dry with paper towels.
2. Wrap a slice of cheese and a half-slice of prosciutto around each asparagus spear. Arrange wrapped asparagus on a serving plate. If desired, cover and chill for up to 24 hours.
3. Before serving, sprinkle with cracked pepper. Drizzle with oil and balsamic vinegar. Makes 8 servings.