Preheat oven to 350°F. Combine pesto and red pepper; spread evenly onto all surfaces of beef roast.
Place roast, fat-side up, on rack in shallow roasting pan. Insert ovenproof meat thermometer so tip is centered in thickest part of beef. Do not add water or cover. Roast in 350°F oven 50 to 65 minutes for medium rare to medium doneness.
Meanwhile, combine tomatoes and olives in medium saucepan; bring to a boil. Reduce heat; simmer 3 to 5 minutes or until sauce is slightly thickened, stirring occasionally. Stir in fresh basil; cook 1 minute. Keep warm.
Remove roast when meat thermometer registers 135°F for medium rare; 150°F for medium. Transfer roast to carving board; tent loosely with aluminum foil. Let stand 20 minutes. (Temperature will continue to rise about 10°F to reach 145°F for medium rare; 160°F for medium.)
Carve roast into slices; season with salt and ground black pepper, as desired. Serve with tomato-olive mixture.
Nutrition information per serving: 229 Calories; 108 kcal Calories from fat; 12 g Total Fat; 3 g Saturated Fat; 4 g Monounsaturated Fat; 76 mg Cholesterol; 259 mg Sodium; 4 g Total Carbohydrate; 0.9 g Dietary Fiber; 26 g Protein; 3 mg Iron; 4.9 mg Niacin; 0.4 mg Vitamin B6; 3.4 mcg Vitamin B12; 6 mg Zinc; 0 mcg Selenium; 0.3 mg Choline;