Soak chicken in buttermilk for at least two hours before coating it with all-purpose flour, salt, black and cayenne pepper. Sometimes I put the flour mixture in a plastic bag, add the chicken and shake to coat. Other times, I get lazy and just roll the chicken around in the bowl of the seasoned flour mixture.
We like using a combination of 1/2 lard and 1/2 peanut oil for frying; heated to about 375°F in a large cast iron skillet. Use a deep frying thermometer to test. Dark meat goes in first, skin side down, then the white meat. Five minutes on each side, then turn the heat down to medium or medium-low, cover, and cook about 15 minutes.
Then uncover and finish cooking, about 10-15 minutes longer, depending on the size of the pieces. Drain on a rack which has been placed on a cookie sheet covered with paper towels.
Now, since you had to buy a whole quart of buttermilk and only used part of it for soaking the chicken, you might as well go ahead and make some gravy with the remaining milk. Certainly don't want it to go to waste, now do we? That's my excuse and I'm sticking with it!