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1
In a food processor, pulse the basil leaves just until coarsely chopped.
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2
Add the olive oil and the coarsely ground black pepper and pulse just until a coarse paste forms.
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3
Rub the basil paste all over the lamb and set the roast on a rack set in a roasting pan.
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4
Let the roast stand at room temperature for 45 minutes to marinate.
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5
After 30 minutes, preheat the oven to 400.
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6
Meanwhile, in a small heatproof bowl, cover the dried cherries with boiling water and let stand until plump, about 30 minutes.
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7
Drain.
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8
Season the lamb with salt and pepper.
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9
Roast it on the bottom shelf of the oven for 30 minutes.
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10
Reduce the oven temperature to 350 and roast the lamb for 1 1/2 hours longer, or until an instant-read thermometer inserted in the thickest part of the roast reads 125.
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11
Transfer the roasted lamb to a carving board, cover the roast loosely with foil and let stand for 15 minutes.
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12
Meanwhile, spoon off the fat from the roasting pan and set the pan over 2 burners.
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13
Add the red wine and balsamic vinegar and bring to a boil over high heat, scraping up any browned bits from the bottom of the pan with a wooden spoon.
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14
Simmer until the liquid is reduced by half, about 5 minutes, then strain the liquid into a small saucepan.
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15
Add the beef stock and cook over moderately high heat until reduced to 3/4 cup, about 15 minutes.
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16
Add the reconstituted cherries and the butter, season the dried-cherry sauce with salt and pepper and keep warm.
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17
Remove the strings from the lamb roast and cut it into thin slices.
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18
Arrange the meat on a platter and surround it with the Caramelized Red Onions.
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19
Pour the dried-cherry sauce into a bowl and pass at the table.
