In a food processor, add the egg yolk, garlic, lemon juice, and chipotle pepper. Puree the ingredients, and with the machine running, slowly add the olive oil, until the mixture is fully emulsified. Season the mayonnaise with salt and pepper, and set aside, refrigerated, until ready to use.
In a bowl, combine the flour, chile powder, salt, and pepper.
Dredge each oyster in the seasoned flour, and then wrap the oyster in a piece of serrano ham, covering the oyster completely. Repeat until all 6 oysters are dredged and wrapped.
In a saute pan over medium high heat, heat a little olive oil. When the oil is smoking, sear the wrapped oysters, turning to crisp up the ham on all sides, about 4 minutes per side.
Place the crisped oysters back into the bottom halves of the oyster shells and place a dollop of the chipotle mayonnaise on each.
*RAW EGG WARNING
Food Network Kitchens suggest caution in consuming raw and lightly-cooked eggs due to the slight risk of Salmonella or other food-borne illness. To reduce this risk, we recommend you use only fresh, properly-refrigerated, clean, grade A or AA eggs with intact shells, and avoid contact between the yolks or whites and the shell.
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