1. Blend peanut butter, garlic, ginger, lime juice, soy sauce, sugar, crushed red pepper and 1/3 cup water in a blender until smooth.
2. Preheat grill to high. Thread chicken onto 16 skewers and place in 1 layer on a baking sheet. Brush both sides of chicken with oil; season with salt and pepper. Working in batches if necessary, grill chicken until cooked through, turning once, about 4 minutes total. Serve immediately, or at room temperature, with peanut sauce on the side.