Place beef on a rack set in a foil-lined rimmed baking sheet. Sprinkle evenly with salt and pepper, pressing gently to adhere. Refrigerate, uncovered, 8 to 48 hours.
Remove beef from refrigerator. Soak wood chips in water for 1 hour. Prepare smoker according to manufacturer's directions, placing wood chips on coals and bringing internal temperature to 325°F. Maintain temperature for 15 to 20 minutes. Remove beef from pan, and place in smoker. Smoke beef, maintaining smoker at 325°F, until a thermometer inserted in thickest portion registers 125°F (for rare), about 50 minutes, turning beef once. Transfer to a carving board spread with Board Dressing, if desired, and let stand 15 minutes before slicing. Serve with Classic Horseradish Cream Sauce, if desired.
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