Combine oil, salt, and pepper; brush surface of roast with oil mixture. Place a small piece of aluminum foil on each bone end. Place roast, bone ends up, on a greased rack in a shallow roasting pan. Insert meat thermometer, if desired.
Bake, uncovered, at 325° until desired degree of doneness: about 1 hour and 15 minutes or 140° (rare); about 2 hours or 160° (medium); about 2 1/2 hours or 170° (well done). Baste with glaze during last 30 minutes.
Transfer roast to a warm serving platter. Spoon Fruit Dressing into center of roast. Garnish with orange slices and maraschino cherries, if desired.