1. Preheat oven to 350°F. Combine 2 tablespoons shallots, 2 tablespoons thyme and 1 teaspoon pepper; press evenly onto all surfaces of beef Roast.
2. Place Roast, fat-side up, in shallow roasting pan. Insert ovenproof meat thermometer so tip is centered in thickest part of beef, not resting in fat or touching bone. Do not add water or cover. Roast in 350°F oven 2-1/4 to 2-1/2 hours for medium rare; 2-3/4 to 3 hours for medium doneness.
3. Meanwhile, heat butter in large nonstick skillet over medium heat until melted. Add remaining 1/4 cup shallots and 1 teaspoon thyme; cook and stir 3 to 5 minutes or until shallots are tender and begin to turn golden. Add 3/4-cup broth, wine and cherries to skillet; bring to boil. Reduce heat; cook, uncovered, over medium heat 6 to 8 minutes or until reduced to 1-1/2 cups. Combine remaining 1/4-cup broth and cornstarch; whisk into wine mixture. Stir in remaining 1/8-teaspoon pepper; bring to a boil. Cook 1 to 2 minutes or until sauce thickens, stirring occasionally. Season with salt, as desired.
4. Remove Roast when meat thermometer registers 135°F for medium rare, 150°F for medium. Transfer roast to carving board; tent loosely with aluminum foil. Let stand 15 to 20 minutes. (Temperature will continue to rise about 10°F to reach 145°F for medium rare; 160°F for medium.)