Heat oil in a heavy bottom pan. Add onion and cook at medium high for 15 minutes. Cover and reduce heat to low. cook stirring occasionally until light golden brown, approximately 45 minutes.
Cook bacon. Drain on a paper towel and chop. Set aside.
Raise heat to medium on onion mixture. Season with salt. Stir in vinegar; simmer until mixture is dry. Stir in thyme; remove from heat. Turn onion mixture out on a cutting board and allow to cool slightly. Chop coarsely.
Beat cream cheese in a bowl until smooth. Fold in sour cream, caramelized onions and all but 2 tablespoons of chopped bacon. Top mixture with remaining bacon. Cover with plastic wrap and allow to chill for at least 1 hour.
This recipe was calculated using the exact brands and measurements I used to make this recipe. If you are following a strict diet please note changing anything will cause the nutritional info to change. My calculations are intended as a guide only.