In a medium bowl, beat together the butter, cheese and pepper until creamy. Spoon onto a sheet of plastic wrap or waxed paper, roll into a log and freeze until chilled, at least 20 minutes or up to 2 days.
Preheat a grill or grill pan to medium-high. Cut the corncobs in half. Brush them lightly with olive oil and grill, turning occasionally, until the corn is tender and just getting charred, 12 to 15 minutes. Cut the chilled butter into small pieces and serve with the corn.