1Heat oven to 350°F. For easy cleanup, line shallow roasting pan with foil. In pan, place beef, fat side up; sprinkle with 1/2 teaspoon salt and the pepper. Insert ovenproof meat thermometer so tip is in center of the thickest part of beef and does not rest in fat or touch bone. (Do not add water.)
2For medium-rare, bake 1 hour 45 minutes to 2 hours 15 minutes or until thermometer reads 135°F. Remove beef from pan onto carving board. Cover beef loosely with foil and let stand 15 to 20 minutes until thermometer reads 145°F. (Temperature will continue to rise about 10°F, and beef will be easier to carve.) For medium, bake uncovered 2 hours 15 minutes to 2 hours 45 minutes or until thermometer reads 150°F. Cover beef loosely with foil and let stand 15 to 20 minutes or until thermometer reads 160°F.
3While beef is standing, make Yorkshire Pudding. Measure pan drippings, adding enough oil to drippings, if necessary, to measure 1/4 cup. Place hot drippings in 9-inch square pan; place pan in oven and heat until hot. Increase oven temperature to 450°F. In medium bowl, beat flour, milk, 1/2 teaspoon salt and the eggs with wire whisk just until smooth. Pour batter into pan of drippings and oil. Bake 18 to 23 minutes or puffy and golden brown (pudding will puff during baking but will deflate shortly after being removed from oven). Cut pudding into squares; serve immediately with beef.