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1. In a small bowl, combine thyme, vanilla bean paste, crushed peppercorns, and salt. Rub mixture over lamb, and refrigerate, tightly covered, for at least 4 hours or up to overnight.
2. Preheat grill to medium-high heat (350° to 400°). Grill lamb 7 minutes per side or until desired degree of doneness.
3. In a large skillet, melt 2 teaspoons butter over medium-high heat. Add shallot, and cook until shallot just begins to brown. Add wine, and scrape seeds from vanilla beans into pan; cook until liquid is reduced to ¼ cup. Remove pan from heat, and whisk in remaining butter, one piece at a time, until butter is fully incorporated and sauce has thickened. Strain sauce through a fine mesh sieve, and serve immediately with lamb.
* We tested with Nielsen-Massey Madagascar Bourbon Pure Vanilla Bean Paste.