Ive always found storing them in olive oil to be the best so when you're cooking and the recipe needs oil and chillies then you have the combo already prepared.
i had a brilliant crop of chillies two years ago - put them near the aga until they were really dry - crushed then put them in a clean jar. Am still using them and they are still pretty potent.
Be careful with preserving in oil. You can get bad toxins after just a few weeks. Best way is to fry them in hot oil to kill off any bacteria before stroring in cold oil. Some people boil them in vinegar beforehand but I think that completely spoils the taste. Some also only preserve dried chillis to reduce the risk of fungal infections!
My advice is cook with them and freeze down the dishes. The meat marinates in the chilli as it freezes / thaws and is delishhhhh!