Put the butter, red peppers, shallot, vinegar, 2 tsp. of the thyme, 1 tsp. of the salt, and the black pepper in a food processor and pulse until blended (it's fine if it's still slightly chunky and looks a little separated). Transfer to a large piece of plastic wrap and roll tightly, twisting the ends so the bundle acquires a sausage shape. (Store in the refrigerator for up to 1 week.) When ready to grill the corn, slice the butter into 1/3-inch-thick rounds.
Heat a gas grill to medium or prepare a low charcoal fire. If desired, cut each ear of corn in half. Toss the corn with the oil, the remaining 1 tsp. salt, and a few grinds of black pepper. Put the ears on the grill and if using gas, reduce the heat to medium low. Cover and grill the corn, turning every couple of minutes, until browned all over and tender, about 15 minutes. Transfer to a large platter, top with about half of the butter and the remaining 1 tsp. thyme. Serve, passing the remaining butter on the side.
Toss grilled shrimp with leftover Thyme & Roasted Red Pepper Butter and a squeeze of lime juice.
nutrition information (per serving):
based on eight servings;
Photo: Scott Phillips