1. Preheat oven to 450°.
2. Lightly brush a small roasting pan and rack with olive oil.
3. Place lamb, fat side up, on rack in prepared pan. Score outside of lamb in a diamond pattern. Sprinkle lamb with salt and pepper; brush with mustard. Combine shallots and remaining ingredients in a small bowl. Pat shallot mixture into mustard on lamb.
4. Bake at 450° for 25 minutes or until a thermometer registers 145° (medium-rare) or until desired degree of doneness. Remove lamb from pan; cover with foil, and let stand 10 minutes. Cut into chops.
Tip: If it hasn't already been done, ask the butcher to trim the rack for you and score it, too.