Heat oil in a medium nonstick skillet over medium heat. Melt butter in pan. Add onions, and cook 5 minutes or until lightly browned, shaking pan frequently. Add water and sugar, and bring to a boil. Cover, reduce heat, and simmer 8 minutes. Uncover and cook 2 minutes or until liquid evaporates. Stir in thyme and remaining ingredients; cook 1 minute.