Place meat in large glass dish; sprinkle evenly with pepper. Pour Italian dressing over meat; cover and marinate in refrigerator at least one hour. Preheat oven to 325 degrees F. Remove meat from marinade; discard marinade. Place meat, fat side up, in shallow roasting pan.
Bake 2 - 2 1/2 hours or until thermometer inserted into thickest part of meat registers 130-135 degrees F for medium-rare doneness. Remove from oven. Cover and let stand 20 minutes before carving.
Meanwhile, mix 1 cup of the mayonnaise and horseradish in small serving bowl. In another small serving bowl, mix remaining 1/2 cup mayonnaise, honey-mustard dressing and thyme. Serve sauces with meat.
By Robin from Washington, IA
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