I like the taste of this one taken from The Farm Vegetarian Cookbook:
Toast the yeast and flower until you can start to smell it. Add oil and stir while it bubles and turns golden brown. Add water (I use more than the 1 1/2 cup since I like a gravy that covers) and stir with a whisk or whatever until you get the desired consistency. Stir in the soy sauce, salt and pepper.