- Combine ingredients for red wine teriyaki reduction in a saucepan over low heat. Bring to a simmer and cook until reduced by half and thickened, about 15 minutes. Transfer to a small bowl and cool to room temperature.
- Preheat oven to 425ºF. Place rack of lamb on a foil-lined baking sheet, fat-side up, and blot excess moisture with paper towel. Score fat with a sharp knife diagonally without cutting through to meat. Stir together butter, mustard, garlic, thyme, rosemary, salt and pepper.
- Spread butter herb mixture on lamb chops. Allow lamb to sit at room temperature for 30 minutes. Cover exposed bones with aluminum foil if desired to prevent burning.
- Roast for 25 minutes or until internal temperature reaches 135ºF for medium rare. Rest lamb at room temperature covered with foil for 10 minutes before slicing. Serve warm, drizzled with red wine teriyaki reduction.