Combine first 5 ingredients in a bowl; stir in 1 tablespoon vinegar.
Sprinkle lamb with 1/4 teaspoon salt and 1/4 teaspoon pepper. Heat a large ovenproof skillet over medium-high heat. Coat pan with cooking spray. Add lamb to pan; cook for 2 minutes on each side or until browned. Remove lamb from pan; pat thyme mixture over lamb. Return lamb to pan; place pan in oven. Bake at 400° for 15 minutes or until a thermometer registers 138°. Remove lamb from pan, and let stand for 10 minutes. Cut into chops.
Return pan to medium-high heat; add remaining 1/4 cup vinegar, port, and shallots. Bring to a boil. Boil 1 minute or until mixture is reduced by half; stir in broth. Bring to a boil; cook 3 minutes or until liquid measures about 1/2 cup. Stir in remaining 1/4 teaspoon salt, remaining 1/4 teaspoon pepper, and preserves. Cook 1 minute; remove from heat. Add butter, stirring until butter melts. Serve sauce with lamb.
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Entire family loved it. We also made it for Easter for family and friends when a leg of lamb was served. All of the Rack of Lamb was gone while the leg of lamb was still there. Really outstanding recipe.
I made this for my husband and me to celebrate a quiet New Years Eve at home. It was easy to prepare and tasted really good. The lingonberry jam is pricey but yummy on toast as well as the chops. I'll make this again.