If grilling, preheat the grill. In a small saucepan over moderate heat, heat the olive oil until hot. Add the serranos and saute until the skins start to brown and the chiles soften, about 2 minutes. Remove with a slotted spoon and drain on paper towels. Add the garlic and cook over low heat until soft and lightly browned, 4 to 6 minutes. Transfer to paper towels and let cool. With a paring knife, make five or six 1-inch horizontal slits along the edge of each steak. Stuff each slit with either a garlic clove or chile. Season all over with salt and pepper. Grill the steaks, or saute in a lightly oiled cast iron pan over high heat, 2 to 3 minutes per side for medium rare. Coat serving plates with the green chile paste and top each with a steak. Serve hot.
In a blender combine all of the ingredients and puree until a chunky paste is formed. Serve at room temperature.
c.1997, M.S. Milliken & S. Feniger, all rights reserved