Bring a large pot of water to a rapid boil (pot must be large enough to hold two 1.5 lb. lobsters).
Preheat grill to medium-high (350ºF - 400ºF).
Place live lobsters in freezer 10 minutes before cooking them.
Plunge lobsters in boiling water, cover and cook 5 minutes. Immediately remove to an ice bath for 2 minutes. Split cooled lobsters in half.
Drizzle with olive oil, and season with kosher salt and pepper. Grill, shell side down, about 5 - 7 minutes or until meat is fully opaque and juices are bubbling.
Meanwhile, melt 1 stick (4 oz.) butter in a small saucepan until bubbly.
Add garlic and chili peppers. Stir-fry until peppers are just soft and garlic is translucent. Whisk in lemon juice and season with salt and pepper to taste.
When lobsters are fully cooked, drizzle about 2 tablespoons chili butter over each lobster tail and remove from heat to rest.
Crack claws and remove lobster meat to serve with a side of the melted chili butter.
