In a saucepan, heat the olive oil over medium. Do not use high heat - allow the oil to heat for 4 to 5 minutes to approximately 250 degrees Fahrenheit. Do not allow it to bubble/boil.
Using a mortar and pestle, grind the chipotle peppers into a rough chunky powder. You can also opt for a food processor if you prefer.
Place the ground chipotle pepper into the olive oil and continue to heat the oil over medium for 4 to 5 additional minutes.
Pour the chipotle olive oil mix into an airtight container and seal it. Let the mix sit, allowing the flavors to meld for 6 to 8 hours. Allowing it to sit overnight works well.
Pour the oil through a cheesecloth or fine-mesh strainer to remove the chipotle pepper pieces. Place the strained chipotle olive oil into a serving dish or airtight container for future use.
Like it spicier? Use more chipotle pepper or add 1 to 2 tablespoons of crushed red pepper to the oil during step 3. The crushed red pepper will increase the heat without interfering with the smoky, earthy flavor of the chipotle.