For chipotle butter, in a small bowl stir together butter, shallots, snipped basil or cilantro, lime juice, and chipotle pepper until combined; set aside.
In another small bowl stir together cumin, paprika, salt, and pepper. Stir in oil and adobo sauce until a paste forms. Spread mixture over both sides of steaks.
Grill steaks on the rack of an uncovered grill directly over medium coals until desired doneness, turning once halfway through grilling. Allow 14 to 18 minutes for medium doneness (160 degree F). Serve steaks with chipotle butter and garnish with herb sprigs and lime wedges. Makes 4 servings.