To make the butter a bit more kid friendly, make a second batch, omitting the jalapeño peppers.
Combine first 4 ingredients, and shape into a 6-inch log; wrap in wax paper or plastic wrap, and chill 1 hour.
Rub corn with olive oil; sprinkle evenly with salt and pepper.
Grill, covered with grill lid, over high heat (400° to 500°), turning often, 15 to 20 minutes or until tender. Serve with flavored butter.
Sweet-Hot Ketchup: Stir together 1 cup ketchup, 3 tablespoons lime juice, 2 tablespoons honey, 1 teaspoon grated lime rind, and 1 teaspoon chipotle chile pepper seasoning until blended. Cover and chill 2 hours. Makes 1 1/3 cups; Prep: 10 min., Chill: 2 hrs.