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Make the flavored butter: In a small mixing bowl, combine the butter, blue cheese, garlic, sherry, if using, chives, peppercorns, and salt. Cover and refrigerate until ready to use, or roll into a log in plastic wrap, wax paper, or parchment and freeze for up to 6 months.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes).
Brush the outside of the steaks with olive oil and season with Traeger Prime Rib Rub.
Arrange the steaks directly on the grill grate and smoke for 30 minutes.
Transfer the steaks to a plate or platter. Increase the temperature to 450F and preheat, lid closed, for 10 to 15 minutes.
Return the smoked steaks to the grill grate and finish cooking to the desired degree of doneness, turning once with tongs.
Top the steaks with a dollop of the Blue Cheese and Peppercorn Butter a minute or two before transferring to a platter or plates. Enjoy!
How to: Cook a Full Packer Brisket