1Place chives in shallow dish. Pour enough boiling water over chives just to cover; let stand 10 seconds so chives become pliable. Drain well; set aside.
2Cut each pepper into eighteen 3x1/4-inch strips (there may be extra strips; reserve for another use). To form each bundle, place 3 pepper strips side by side on center of chive. Top with 3 more pepper strips (alternate colors if desired). Tie chive around bundle. Repeat with remaining pepper strips and chives.
3Heat all Lemon-Pepper Butter ingredients until butter is melted, stirring occasionally; set aside.
4Carefully transfer bundles to 10-inch nonstick skillet; add water. Heat to boiling; boil about 1 minute or until crisp-tender. Remove bundles to small serving plate, using slotted spoon or pancake turner; drizzle with Lemon-Pepper Butter. Serve immediately.