Heat the grease over medium heat in a large cast iron skillet.
Sift in the flour and let it come to a boil for 2 minutes, stirring and mashing down constantly with a flat spatula.
Slowly stir in 11/2 cups of the milk and bring back to a light boil. Continue stirring until the mixture is smooth and reaches the desired consistency, about 2 minutes. You can add more milk or water to thin the gravy, if necessary.
Season with salt and pepper to taste. Serve hot over biscuits.