Peel husks from corn, do not break off the ears, to within 2" of the stem. Remove silk, pull husks back over ears. Soak in cold water 20 minutes.
In food processor; process butter until smooth. Add red pepper; process until smooth. Add dill, 1/2 teaspoon salt and 1/8 teaspoon pepper; process until blended. Place butter mixture in serving dish.
Remove corn from water. Shake off excess water. Pull husks up over corn, secure with long strip of husk tied at the top of each ear.
Grill corn over hot coals about 20 minutes, turning every 5 minutes until a kernel pulls away cleanly and easily. Serve with prepared butter. Makes 8 servings.
