Combine first 4 ingredients in a medium saucepan; bring to a boil. Reduce heat, and simmer 7 minutes. Stir in cream; simmer 3 more minutes or until reduced to 1 cup.
Strain sauce into a bowl, discarding solids. Return sauce to saucepan; place pan over low heat. Add butter, 1 tablespoon at a time, whisking just until melted. Remove from heat; whisk in lemon juice and chives. Stir in salt and pepper. Serve warm.