1. Finely chop bacon with a knife, until the size of grains of rice. To make this easier, chill the bacon in the freezer for 30 minutes before starting. DO NOT USE A FOOD PROCESSOR!
2. In a heavy-bottomed fry pan over medium heat, cook the bacon, stirring frequently, until the fat renders out. Continue cooking until the bacon browns, but do not let it crisp.
3. Add the onion, thyme and garlic, and continue cooking, stirring constantly, until the onion is translucent.
4. Add the sugar, vinegar and Coke. Continue cooking over medium heat, stirring frequently, until liquid has reduced and the mixture takes on a jammy consistency.
5. Remove from heat. Taste, and add pepper as desired.
6. Allow to cool to room temperature. Transfer to a food processor and pulse 4 times. Transfer to a container and store in the fridge.
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