Combine all ingredients, except chops and oil for the grill, in a 9 x 13" dish. Add the chops and turn to coat.
Cover, refrigerate and marinate, turning chops occasionally, 4 hours, or overnight.
Let chops warm at room temperature 20 minutes. Preheat a barbecue or indoor grill to medium-high. Lightly oil the bars of the grill. Grill the chops 3 to 4 minutes per side, or until cooked through.
Note: Wear kitchen gloves when preparing the spicy, serrano chili. One chili will yield medium spicy chops; two will give the chops quite a spicy taste.