Light a grill. In a small bowl, blend the butter and chipotle and season with salt and pepper. Husk the corn, keeping the husks attached at the stalk. Discard the silk. Tie the husks back to form a handle.
Grill the corn over high heat, turning, until the kernels are lightly charred, about 6 minutes. Spread the chile butter on the grilled corn, sprinkle with the cheese and serve.