Wrap the bacon around the middle of the thyme springs and tie with kitchen twine so you have a nice bundle. Heat a 2-count of oil in a large saucepan over medium heat. Add the thyme bundle and cook slowly for 3 to 4 minutes to render the bacon fat and give the sauce a nice smoky taste. Add the onion and garlic and cook slowly, without coloring for 5 minutes. Add all of the rest of the sauce ingredients, give the sauce a stir, and turn the heat down to low. Cook slowly for 20 minutes to meld the flavors. Put some sauce in a separate bowl for basting, reserving the remaining sauce for serving.
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