Thaw the steak in the refrigerator for at least 24 hours, then let is sit at room temperature for 30-40 minutes.
Season the steak with salt and pepper, or your favorite steak rub.
Preheat the cast iron skillet over medium-high heat. Allow the pan to come to temperature gradually so it heats evenly and retains heat.
Add butter or olive oil to the pan and sear the steak for 2-3 minutes per side. (You can use the bone as a handle to turn the steak).
You can either finish cooking the steak in the skillet or transfer to the oven. Skillet: Spoon butter over the steak while it's searing, then cook until it reaches your desired internal temperature. Oven: Transfer the steak to a rimmed baking sheet or a rack in a baking sheet and roast until it reaches your desired internal temperature.
Let the steak rest on a plate tented with foil for 5-10 minutes. The internal temperature will continue to cook while it rests, so it may increase by 5-10°F.
Consumer Advisory: Consuming raw or undercooked meats, poultry, seafood, shellfish, or eggs may increase your risk of food borne illness, especially if you have certain medical conditions.