In a mixing bowl, combine the oil and 1/2 cup Essence, stirring well. Place the steaks on a baking dish and rub the oil mixture on both sides. Let sit for at least 1 hour. (If marinating longer, refrigerate the meat, then bring to room temperature before cooking.)
Preheat the grill, and preheat the oil in a deep fat fryer to 350 degrees F.
Place the steaks on the grill and cook for 6 to 8 minutes on each side for medium-rare.
In a shallow bowl, combine the flour with 1 tablespoon of the Essence. In another bowl, combine the masa with the remaining tablespoon of Essence. In a third bowl, combine the eggs and milk and beat well. In batches, dredge the pepper rings in the flour, egg wash, and masa mixtures, shaking to remove any excess. Fry, turning, until golden brown, 2 to 3 minutes. Remove the pepper rings from the oil and drain on paper towels. Season lightly with Essence.
To serve, place the steaks on a plate. Stack the pepper rings on top and place a 2 tablespoon slice of the compound butter on each steak in the center of the peppers. Sprinkle with parsley and serve immediately.
Yield: 4 servings