Preheat your grill or smoker to 225F.
Trim any excess silver skin on the meat side of the picanha, leaving the fat cap untouched.
Cut into steaks 1 1/2" thick, and season with salt and pepper as desired.
Curl up the steaks into a C shape with the fat cap facing out, and carefully place on metal skewers.
Smoke at 225F until the internal temperature of the beef is around 110F.
Remove the skewers from the grill while you increase the temperature for searing.
Raise the heat to 425F or high heat and sear until the beef reaches desired internal temperature.
128F is my target for a fantastic medium rare, and nicely rendered fat cap, the beef will continue to cook and rise a few degrees as it rests.
Let the beef rest for 5-10 minutes before slicing.