Mix butter, honey, chipotle chili pepper and red pepper in small bowl. Set aside. Peel back the corn husks without removing husk or stem. Remove all of the corn silk. With husks pulled back, tie together with piece of husk.
Grill over medium-high heat 10 minutes or until corn is tender and lightly charred, turning occasionally.
Spread butter mixture over corn. Sprinkle with cheese. Serve immediately.