1. Preheat oven to 425°.
2. Bring port to a boil in a small saucepan over medium-high heat; cook 10 minutes or until reduced to 2 tablespoons. Stir in cherry preserves; cook 45 seconds. Remove pan from heat; stir in chopped thyme.
3. Combine garlic powder, salt, and pepper in a small bowl. Rub spice mixture evenly over pork. Heat a large skillet over medium-high heat. Add oil; swirl to coat. Add pork to pan; cook 8 minutes, turning to brown on all sides.
4. Place pork on a jelly-roll pan coated with cooking spray. Roast at 425° for 20 minutes. Brush pork with half of port mixture; roast at 425° for 5 minutes or until a thermometer registers 135°. Remove pork from oven; brush with remaining half of port mixture. Let stand 10 minutes before cutting into slices. Top with thyme sprigs, if desired.
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