Trim the fat cap to about 1/4 inch thick if needed. If the roast has bones, you can cut them away and tie them back on with kitchen twine, or leave them on and slice them away after cooking. If the roast is wet, pat it dry with paper towels.
Cover the 5 pound prime rib roast with the 1 tablespoon kosher salt, putting most of it on the fat cap and the rest on the sides and bottom. Refrigerate it uncovered on a rack for about 24 hours (up to 48). If you're short on time, even 1 hour helps.
Smoke
Take the roast out of the refrigerator up to 2 hours before it goes on the smoker (1 hour if the room is above 90°F).
Make the compound butter: place the 1/4 cup fresh rosemary, 1/4 cup fresh thyme and 6 cloves garlic in a food processor and process until finely chopped. Add the softened 1/2 cup unsalted butter and blend until smooth.
Preheat the smoker to 225-250°F. Coat the top and sides of the roast with the compound butter and insert a probe thermometer into the center. Place the roast directly on the grate, or on a rack in a pan if you're saving the drippings.
Smoke until the center of the roast reaches 110°F, about 30 minutes per pound for a 2 to 4-rib roast. A whole roast cooks faster per pound (see the charts in the post). Go by temperature, not time.
Rest and reverse sear
Take the roast off the grill, leaving the probe in place. Wrap it in peach butcher paper or loosely tent it with foil and let it rest for 30 minutes. The temperature will rise 5 to 8°F. Turn the grill up to its highest setting, about 400-450°F.
Unwrap the roast and place it directly on the hot grill. Cook until the center is about 5°F below your finished temperature (125°F for medium rare), usually 20 to 30 minutes. The ends will be more done than the center.
Let the roast rest for 10 to 15 minutes before slicing. Serve with horseradish sauce and au jus.
Notes
Doneness: take the roast off the grill after the sear at 120°F for rare, 125°F for medium rare, 130°F for medium, 140°F for medium well or 150°F for well done. Although the USDA recommends cooking beef roasts to 145°F with a rest of at least 3 minutes, I prefer my prime rib medium rare.Salt: I use Morton kosher salt. If you have Diamond Crystal, use a little less than twice as much.Running early: wrap the smoked roast in butcher paper and hold it in an empty insulated cooler for up to 2 hours before the sear.Leftovers: refrigerate within 2 hours and eat within 3 to 4 days. USDA recommends reheating leftovers to 165°F.Nutritional information takes into account the total weight of an uncooked rib roast (with bones) and the full amount of compound butter. Because fat and butter melt away during the cooking process, actual nutritional information will likely be smaller than what is calculated.