Heat grill. In small saucepan, combine jelly, vinegar, orange juice and tarragon. Cook over medium heat for about 5 minutes or until jelly melts, stirring frequently. Reserve 1/4 cup currant sauce in small bowl. Set remaining sauce aside.
When ready to grill, oil grill rack. Sprinkle both sides of lamb chops with salt and pepper. Place chops on gas grill over medium heat or on charcoal grill 4 to 6 inches from medium coals. Cook 10 to 12 minutes or until of desired doneness, turning once and brushing frequently with reserved 1/4 cup sauce. To serve, spoon remaining currant sauce over lamb chops.