Prepare the spare ribs. Pat them dry with a paper towel. You may remove the thin membrane across the bones, this is personal preference. Mix the salt and pepper together, sprinkling each side of the ribs generously.
Prepare the smoker for indirect cooking at 250°F. Once the smoke is running clean, add the spare ribs to the smoker and allow them to cook for an hour undisturbed.
Spritz the ribs after the first hour. Continue to spritz every 45 minutes until the ribs are about 165°F temperature, around the 3 hour mark.
Remove the ribs from the smoker. Roll out pink butcher paper and place a rack down on the paper. Give it one last good sprtiz, and wrap it tight. Do this for each of the racks, and place them back in the smoker for about 45 minutes, meat-side facing down.
Prepare the BBQ sauce. Pour the cola into a small saucepan and heat it over medium-high heat. Bring it to a low boil and reduce by half. Add in the rest of the ingredients and reduce the heat to medium low, cooking for a few minutes until it thickens.
Glaze the ribs. After 45 minutes of wrapping, remove the ribs from the paper and place them back into the smoker, bone-side down. Glaze the ribs with the cherry cola BBQ sauce, and cook for about 15-20 minutes until the sauce has set.
Remove the ribs and allow them to rest for a few minutes before slicing. Top with crush peanuts and lime zest as optional garnish.