To make the sauce, combine the shallots, peppercorns, wine, vinegar and mint in a 1.5-qt. sauce pan and bring to a simmer.
Reduce liquid to 1 Tbsp. Remove from the heat and set aside.
In a 2.5-qt. stainless steel double boiler set over simmering water, combine egg yolks and water.
Whip with a wire whisk continuously until the mixture thickens and appears frothy.
Remove the pan from the heat and gradually add the clarified butter in a thin stream, whipping vigorously. Continue to add the butter until the sauce is thick and creamy and all the butter has been incorporated.
Add the shallot-mint reduction to the sauce and combine. Season with salt.
Salt and pepper the lamb chops on both sides.
Preheat a rectangular grill pan on medium heat until the rim of the pan is hot to the touch. Brush the olive oil over the surface of the pan.
Add the lamb chops and grill for about 2 minutes per side. Transfer chops to plates and drizzle with the sauce.