Rub the roast all over with vodka. Rub in the salt and pepper. Cut small pockets in the fat and insert the bay leaves. Let roast sit at room temperature for 2 hours.
Preheat the oven to 425 degrees F.
Place the beef in a roasting pan and roast 30 minutes. Reduce the heat to 325 degrees F and roast 12 to 15 more minutes per pound for rare to medium rare. When beef is cooked, let it sit in a warm place for 30 minutes.
Meanwhile, in a saucepan caramelize shallots in 1 tablespoon of the butter and deglaze with Madeira in a saucepan over high heat until wine is reduced by half. Add stock and reduce again by half. Break butter into small pieces and whisk into sauce until completely smooth. Reduce heat to low, add Stilton and whisk until melted. Keep warm, but be careful not to overheat as sauce will separate.
Carve the beef, serve the warm sauce with the beef, along with fresh horseradish and watercress.
c.1997, M.S. Milliken & S. Feniger, all rights reserved