In a medium bowl, combine the onion or shallot, ginger, garlic, cilantro, hoisin sauce, honey, peanut butter, sesame oil, soy sauce, rice vinegar and Sriracha; whisk well to combine. Cover the bowl and refrigerate overnight.
The next day, place the chops into a gallon-size zip-top bag with 1 cup of the marinade and coat the lamb chops well. Place into the refrigerator for 1 to 2 days.
Heat a grill or grill pan on medium heat; remove the chops from the marinade and place them onto a plate, then onto the grill. Cook the marinated lamb chops to desired doneness; 2 to 3 minutes per side for medium rare.
Remove the lamb from the heat and let it rest for 2 to 3 minutes on a clean plate. Before serving, glaze the chops with ¼ cup of the remaining refrigerated marinade.
Plan ahead and prepare the marinade then enjoy this Quick & ‘Ono restaurant quality entrée with seasonal veggies and a glass of red wine for a special weeknight meal.