Pat the prime rib roast dry with paper towels and rub it with the olive oil, salt, and pepper.
Place the roast in a roasting pan and roast for 15 minutes per pound, or until the internal temperature of the roast reaches 130°F for medium rare.
Remove the roast from the oven and let it rest for 15 minutes before slicing.
Meanwhile, make the sauce. In a medium saucepan, combine the cabernet, cherries, balsamic vinegar, and brown sugar. Bring to a boil over medium-high heat and reduce the heat to low and simmer for 10 minutes, stirring occasionally, until the sauce is thickened.
Stir in the butter until melted. Taste the sauce and adjust the seasoning with salt and pepper, if needed.