Chef John's Bacon Jam

Chef John's Bacon Jam was pinched from <a href="http://allrecipes.com/Recipe/Chef-Johns-Bacon-Jam/Detail.aspx" target="_blank">allrecipes.com.</a>

""This takes some time to make, and there is expert-level stirring involved, but what a small price when you consider the final results. Whether you do this for your Super Bowl® party or another festive occasion, I hope you give this amazing bacon jam a try soon."..."

INGREDIENTS
1 1/2 pounds bacon, chopped
2 teaspoons butter
4 large yellow onions, diced
1 teaspoon salt
1/4 cup brown sugar
1/4 cup sherry vinegar
1 1/2 teaspoons fresh thyme leaves, divided
1 teaspoon freshly ground black pepper
1 pinch cayenne pepper
1/2 cup water
2 teaspoons balsamic vinegar
2 teaspoons extra-virgin olive oil
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