Melt butter in a saucepan and add lobster meat. Saute until meat is warmed through. Add paprika and sherry. Continue to cook for two minutes. Add fresh cream and cook until mixture is reduced by 1/4, add cream sauce and stir gently until thoroughly blended. More or less cream sauce may be used, depending on the thickness desired. Salt and pepper to taste. Serve with toast points or rice pilaf.