Bring first 4 ingredients to a boil in a small saucepan; reduce heat and simmer 10 minutes or until slightly syrupy. Remove from heat, and set aside.
Heat oil in a heavy 12-inch skillet over medium-high heat. Season lamb chops generously with salt and pepper. Cook 3 to 4 minutes per side (for medium-rare) or until desired degree of doneness. Transfer to a plate, and tent with foil; let rest 5 minutes.
Return pomegranate sauce to stovetop over low heat. Whisk in butter, a bit at a time. Divide lamb chops among serving plates; drizzle with sauce. Garnish, if desired.