Preheat smoker to 250 degrees Fahrenheit (F) using fruit wood. We like apple or cherry.
While the smoker preheats, coat the steaks with 1 tablespoon of oil then season the two Cowboy Ribeyes with dry rub liberally.
Place the steaks on the smoker, and insert a meat probe if you have one. Smoke for approximately 90 minutes or until the internal temperature of the meat reaches 115 - 120 degrees F. Remove the steaks from smoker and prepare for direct/indirect grilling.
Once the grill is hot, place steak over direct heat and keep lid closed. This will minimize flare ups as the fat runs onto coals by minimizing airflow. Grill each side for additional 3 - 5 minutes or until you see desired crust. If there are big flare ups or the grill runs hotter, sear each side and move to indirect heat to finish to desired temperature. We like 125 degrees F for rare.
Let the meat rest, and add 1 tablespoon of compound butter to the top, and let the meat rest for 15 minutes uncovered, while the butter melts, and then slice to serve with your favorite sides.
Optional: While resting add a fun compound butter to the steak for added flavor. Recipe in post.