1 Roast beef for 5 minutes per pound. 2  Then turn off oven. 3  DO NOT OPEN OVEN FOR 2 HOURS! (For example, a 4-lb. roast would take 20 minutes to cook and then sit in the turned-off oven for 2 hours.). 5. Well, the 5lb. 2oz. eye of round roast went in the oven for 30 minutes at 500 degrees. After the two hour wait, the oven temp and the internal temp of the meat were both about 153. A little more done than I would have liked, but still very tasty and juicy.