Place lamb chops in deep dish. Season both sides with Adobo. Sprinkle with thyme, rosemary, garlic and olive oil. Rub until coated in marinade. Cover dish with plastic wrap; transfer to refrigerator. Marinate at least 30 minutes, or overnight. Let chops come to room temperature 30 minutes before cooking.
Meanwhile, make the alioli sauce. Place garlic cloves and salt in bowl of food processer. Process until garlic is chopped, about 10 seconds. Using spatula, scrape down sides of bowl and process again until garlic is very finely chopped, about 10 seconds more. Add one egg yolk; process until combined, about 10 seconds; scrape down sides of bowl. Add remaining egg yolk and process until combined, about 10 seconds; scrape down sides of bowl. With motor running, slowly add 1/3 cup canola oil, starting with just a drop at a time and gradually adding remaining canola oil, scraping down sides of bowl every 10 seconds, until sauce looks emulsified and thick, about 2 minutes. With motor running, slowly drizzle in olive oil until mixture comes together as thick sauce, about 2 minutes more. Pour in water and lemon juice; process until sauce is smooth and thick, about 30 seconds. Transfer alioli sauce to small bowl; cover with plastic wrap and set aside in refrigerator until ready to use.
Heat grill to medium-high heat. Alternately, heat grill pan, griddle or cast-iron skillet coated with remaining canola oil over medium high heat. Add lamb chops. Cook, in batches if necessary, and flipping once, until very well browned and cooked to desired temperature, about 5 minutes for medium. Transfer chops to platter and serve with reserved sauce.