Fire up your smoker to 250°F (120°C)
Trim the picanha roast's fat cap, if necessary, and remove any visible silver skin. Use a paring knife to score the fat cap.
Combine the salt, pepper, water, and Worcestershire sauce and rub the mixture on both sides of the picanha
Once smoker has hit 250°F, add hickory wood to coals or wood tray
Put the picanha in the smoker, fat-side down, and smoke until the beef reaches an internal temperature of 130°F (55°C) for medium-rare, or longer for medium
(Optional) For a caramelized crust, consider searing all sides of the picanha over a grill set to 500°F (260°C).
Once the meat has sufficiently cooked, remove it from the smoker and allow it to rest for 30 minutes before slicing and serving