Preheat oven to 425°.
Combine first 5 ingredients in a small bowl; stir with a whisk.
Sprinkle lamb evenly with salt and freshly ground pepper; rub lamb evenly with herb mixture. Place on a jelly-roll pan or broiler pan coated with cooking spray. Bake at 425° for 35 minutes or until a thermometer registers 145° (medium-rare). Cover with foil; let stand 10 minutes before serving. Slice rack into 8 pieces.