Prepare the Cherry-Balsamic Reduction: In a small saucepan, combine the pitted cherries and balsamic vinegar. Bring the mixture to a simmer over medium heat, stirring occasionally. Allow it to reduce for about 15-20 minutes or until thickened. If using, stir in honey for added sweetness and season with salt and pepper to taste. Add fresh thyme leaves just before serving. Remove from heat and set aside.

Prepare the Steak: Preheat your oven to 400°F (200°C). In a dry skillet over medium-low heat, toast the mustard seeds and pink peppercorns for about 3-5 minutes, or until fragrant. Shake the pan frequently to avoid burning. Remove from heat and let cool slightly, then crush the mixture coarsely using a mortar and pestle or a spice grinder.

Season the Steaks: Pat the ribeye steaks dry with paper towels. Drizzle with olive oil and season generously with salt and black pepper. Press the toasted mustard seed and pink peppercorn mixture onto both sides of the steaks, ensuring an even crust.

Sear the Steaks: Heat a cast-iron skillet over high heat until very hot. Add the steaks to the skillet and sear for 3-4 minutes on each side until a crust forms. Transfer the skillet to the preheated oven and cook for an additional 5-7 minutes for medium-rare, or until your desired doneness is reached.

Rest and Serve: Remove the steaks from the oven and let them rest for 5 minutes before slicing. Serve the ribeye steaks drizzled with the cherry-balsamic reduction and garnish with additional thyme if desired.