Steps:
- Cook roast:
- Preheat oven to 450°F.
- If using beef, trim all but a thin layer of fat from roast. Generously season buffalo or beef with salt and pepper. Roast buffalo, fat side up, on V-rack in a 17- by 12- by 2-inch flameproof roasting pan in middle of oven 15 minutes (use a 13- by 9- by 2-inch flameproof roasting pan for beef, which is taller and narrower than buffalo).
- Reduce oven temperature to 350°F and add 1/2 cup water to roasting pan, then continue to roast meat 30 minutes more. Brush meat with some of glaze and add 1/2 cup water to pan, then continue to roast, brushing with glaze and adding 1/2 cup water to pan every 15 minutes, until thermometer inserted into center of roast (do not touch bone) registers 125°F, 2 to 2 1/4 hours more (115°F for beef, 1 3/4 to 2 hours more). Transfer meat to a large platter and let stand, uncovered, 25 minutes. (Meat will continue to cook as it stands, reaching about 135°F for medium-rare buffalo or 130°F for medium-rare beef.)
- Make jus while meat stands:
- If using buffalo, straddle roasting pan across 2 burners, then add red wine and Madeira and deglaze pan by boiling over moderately high heat, stirring and scraping up brown bits, 2 minutes. Add broth and boil until reduced to about 1 1/2 cups, about 3 minutes. (If using beef, pour pan juices into a 1-quart fat-separator pitcher or glass measure and skim off fat, then pour juices back into pan. Straddle roasting pan across 2 burners and deglaze pan by boiling juices over moderately high heat, stirring and scraping up brown bits, until reduced to about 2/3 cup, about 8 minutes. Add red wine and Madeira and boil until reduced to about 2/3 cup, 3 to 4 minutes. Add broth and boil until reduced to about 2 cups, about 6 minutes.)
- Stir in any buffalo or beef juices accumulated on platter and season jus with salt, if necessary. Pour jus through a fine-mesh sieve into a gravy boat and keep warm, covered.
- Carve roast and serve with jus.
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