Green chile's fiery bite contrasts with the sweet and salty corn on the cob. It's the perfect, easy appetizer for summer entertaining.
Mash together softened butter, salt, and pepper in a small bowl; set aside.
Remove a few outer husks from one of the ears, and separate into 8 strips to use for ties; set aside. Working with 1 ear at a time, peel back husks, but leave them attached to base of corn; remove corn silk. Cut 1/2 inch off top of each cob.
Spread butter mixture onto each cob. Working with 1 ear at a time, pull husks back up, and gather snugly at the top. Tie with a reserved husk strip. Slip the stem of a chile under the knot. Refrigerate until ready to serve (up to 8 hours).
Preheat grill to medium (if you are using a charcoal grill, coals are ready when you can hold your hand 5 inches above grill for just 5 to 6 seconds). Submerge ears in a large bowl of cold water for about 1 minute. Grill corn, turning occasionally, 20 minutes. (Alternatively, transfer ears to a baking sheet lined with parchment paper, and roast in a 400 degree oven for 20 minutes.) Serve immediately with melted butter.
Submerging cobs in cold water for 1 minute before grilling serves two purposes: The damp husks keep the corn from burning and also gently steam the kernels, yielding tender results.