Combine the butter and sausage in a Dutch oven or heavy-gauge pot over high heat, and sauté for about 6 minutes, stirring occasionally. Add the bell pepper, onion, celery, and garlic, and season with Creole seasoning, salt, and black pepper. Sauté, still over high heat, for about 8 minutes, or until the natural sugars in the vegetables have browned and caramelized.
Add the tomatoes, shrimp, fish, and bay leaves, and stir. Add the rice, stir gently, and add the water. Gently move the spoon across the bottom of the pot, making sure that the rice is not sticking. Bring to a boil, then reduce the heat, cover, and simmer for about 15 minutes or until the rice has absorbed most of the liquid. Turn off the heat, then fold in the oysters, cover, and let sit for about 8 minutes, during which time the jambalaya will continue cooking from residual heat.
To serve, transfer to a serving bowl, and mix in the green onions. Season with hot sauce.