In a mixing bowl, combine the softened butter, cooked and crumbled chorizo, chopped parsley, minced garlic, key lime juice, salt, and pepper. Mix well until all ingredients are thoroughly combined.

Transfer the mixture onto a sheet of parchment paper or plastic wrap. Shape it into a log and wrap tightly. Refrigerate until firm, about 30 minutes.

Preheat your grill or skillet over medium-high heat. Pat the ribeye steaks dry with paper towels. Season both sides generously with smoked paprika, key lime zest, salt, and pepper. Drizzle olive oil on both sides of the steaks.

Place the seasoned steaks on the grill or skillet. Cook for about 4-5 minutes on one side, then flip and cook for another 4-5 minutes for medium-rare, or until desired doneness is reached. Remove the steaks from the heat and let them rest for about 5 minutes.

Slice the chilled chorizo-infused compound butter into rounds. Place a slice on top of each ribeye steak just before serving. Enjoy your Smoked Paprika and Key Lime-Crusted Ribeye with the flavorful chorizo-infused compound butter.