Step 1: Sauté bacon in a medium saucepan over medium-high heat until crispy and browned, about 5 minutes. Remove bacon with a slotted spoon and drain all but 2 tablespoons of fat from pan.
Step 2: Add oil to pan and place back over medium-high heat. Add onion and garlic and sauté for 3 to 4 minutes. Season with salt and pepper. Stir in thyme and sauté for an additional 2 minutes.
Step 3: Add the cooked bacon back into the pan followed by the remaining sauce ingredients and stir until fully combined. Turn heat down to medium-low and simmer 1 hour stirring occasionally. Cool down a bit, then pour sauce into a blender and puree until smooth or desired consistency has been achieved.
Step 4: Refrigerate 24 hours or longer before you use the sauce.
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