Beat together all the ingredients for the spicy butter, adjusting ingredients to taste as you please. Make sure the butter is at room temperature to serve.
Mix together the garlic and oil. Rinse the squid and cut into 2 if large. Using a sharp knife neatly score a diamond pattern on the outside of each squid. If you are cooking the tentacles carefully scrape off the suckers if you wish.
Brush the prepared squid with some garlic olive oil and season. Place on a very hot barbecue or griddle pan and quickly cook both sides until the squid is flecked with gold and no longer translucent.
Just before removing from the grill brush with some of the peanut butter, then serve with extra peanut butter and lime wedges.