Combine the salt and pepper in a small bowl. Season the entire roast with the salt and pepper mixture, pressing down to adhere.
Preheat a pellet smoker to 225 degrees Fahrenheit.
Place the roast bone-side down in a roasting pan and set it inside the smoker.
Smoke the roast until the internal temperature reaches your preferred level of doneness. For medium-rare, aim for 125 degrees Fahrenheit, which will take about 5 hours.
Remove the roast. To sear the outer layer further, increase the smoker’s temperature to 450 degrees Fahrenheit and continue to smoke the roast for another 5–10 minutes.
Transfer the finished roast to a cutting board and let it rest for 20 minutes.
Using a sharp knife, remove the bone from the roast and carve the meat into ½-inch slices.