Trim the fat from the meat, if desired. Sprinkle a generous amount of salt on all sides of the roast. Leave at room temperature for 45 minutes
Prepare the smoker or grill. Add wood chips of your choice. Preheat the smoker or grill to 225 degrees
Brush olive oil on all sides of the meat before adding black pepper and thyme or rosemary. Transfer the roast to the smoker or grill, close the door or lid, and cook for about 1-2 hours, depending on your preferred doneness level. Medium-rare tri tip should cook to 125 degrees before removing it
Preheat a skillet to medium-high heat with butter. Sear the roast for 2-3 minutes on each side
Place the roast on a clean plate tented with foil for 10-15 minutes before slicing and serving