Melt butter in heavy large saucepan over medium heat. Add onion and saute until tender, about 10 minutes. Add rice and stir to coat. Add stock, lime juice and lime peel. Bring to boil, stirring occasionally. Reduce heat to low, cover and cook until rice is tender and liquid is absorbed, about 20 minutes. Remove from heat and let stand covered 5 minutes. Season to taste with salt and pepper.
Transfer rice to serving bowl. Sprinkle with parsley or cilantro.
c.1996, M.S. Milliken & S. Feniger, all rights reserved