How to Make It
In a medium saucepan, heat 1 tablespoon of the oil. Add the jalapeños, serrano, onion and garlic and cook over moderate heat, stirring occasionally, until slightly softened, about 5 minutes. Add the water and bring to a boil. Cook over moderate heat until the vegetables are tender and the water is reduced by half, about 5 minutes. Transfer the mixture to a blender and puree until smooth. Add the avocado and puree until smooth. With the machine on, add the remaining 3 tablespoons of oil and puree until creamy. Add the lime juice and season with salt and pepper.