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In a large non-stick or iron skillet, cook the bacon over medium heat until the bacon is crisp and the fat has been rendered. Remove the bacon to some paper towels to drain using a slotted spoon.
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Remove all but 2 tablespoons of the bacon fat. Keep the extra bacon fat in a heatproof container for other purposes, if desired. Sautéing green beans, for example!
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Add the sliced onions to the hot skillet and start to sauté. Once the onions have begun to soften, reduce the heat to medium-low and continue to cook, frequently stirring until the onions are deep golden brown and caramelized, about 40 minutes or so. Don't rush them. You want to slowly caramelize the onions, not just toast them.
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Once the onions have caramelized, add the minced garlic, stir and continue to cook for just a minute or so until the garlic has become fragrant.
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Add the cooked bacon, maple syrup, brown sugar, Balsamic vinegar, and the black pepper.
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Cook, stirring for about 3 minutes until the sugar has dissolved and it is bubbling nicely.
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Add the bourbon and the fresh thyme leaves. Bring to a quick bubble, and take off the heat.
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Let cool briefly.
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Put the bacon jam mixture into a food processor or blender and process just until you have more of a jammy consistency. It won't take more than a few pulses. You still want texture.
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Taste the jam and if it needs salt add just a pinch.
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Transfer this bacon jam into jars or a bowl and let cool.