In a large pot, steam the lobsters until their shells just begin to turn red, about 4 minutes (the meat will be only partially cooked). Chill lobsters until cool enough to handle. Remove meat from tail and claws.
Melt butter in a frying pan. Add lobster meat to butter and simmer slowly. When done, the meat should turn beet red and be very juicy, and there should be no butter left in the frying pan. As the lobster meat absorbs the butter, heat milk slowly, making sure it does not boil. Add lobster to milk. If made correctly, this stew should not need any seasoning or any paprika for color. It will taste even better if refrigerated overnight and then reheated.
Note: Frozen lobster meat can be used for a stew if necessary, but I don't like it for anything else. You can keep it only about a month before it gets rubbery.