In small saucepan, combine all ingredients except lamb until well blended. Bring to a boil over medium-high heat. Reduce heat and simmer 2 minutes. Remove from heat and cool.

Place lamb in roasting pan lined with aluminum foil. Roast 30 minutes at 425°F. Reduce oven temperature to 325°F; brush lamb with glaze. Continue to glaze lamb every 15-20 minutes until lamb is cooked, about 40-50 minutes for medium. Let rest 10-15 minutes before carving.