Here is the best way I've found to do them. Although this is for full ribs, about 15 pounds, but he process should be the same, just won't take as long. If the rib is increasing in temp too fast, consider reducing cooking temp to 250. Ideally use one of those digital probes because you don't want to be opening the oven to check the roast.

1. Let it sit on the counter for an hour prior to cooking
2. Put in a preheated oven at 450 degrees for 15 minutes (*edit, actually go with 10 minutes since this is a smaller roast)
3. Reduce temp to 300 and cook until the center of the roast reaches 120 degrees
4. Turn oven off and let roast remain inside until internal temp reaches 135 degrees.
5. Remove from oven and let rest for 15-20 minutes before carving.

This should give you a nice mid rare rib.

Serve with horseradish sauce. Sour cream, horseradish, pepper, Worcestershire sauce, and chives.

I second the crock pot idea, maybe finish it in the stove if you are feeling ambitious.

Barefoot Contessa has the best standing rib roast recipe. Salt pepper mustard...

If you are doing crock pot style, salt the outside, put in crock pot, a little red wine, and a little olive oil. Most people use way too much which dilutes the meat flavor. You want to use just enough to coat with a splash on the bottom. Cook on low for 6-12 hours.