Heat grill. In small bowl, combine all butter ingredients; mix well. Place butter mixture on sheet of plastic wrap; shape into log. Wrap; refrigerate while preparing steak.
When ready to grill, carefully oil grill rack. Rub both sides of steak with olive oil; sprinkle with pepper blend and salt. Place steak on gas grill over medium heat or on charcoal grill 4 to 6 inches from medium-high coals. Cook 8 to 12 minutes or until of desired doneness, turning once or twice.
To serve, cut steak into serving-sized pieces. Top each serving with bearnaise butter.