1. Preheat oven to 450°.
2. Sprinkle lamb with 1/4 teaspoon salt and 1/4 teaspoon pepper.
3. Heat oil in a large nonstick ovenproof skillet over medium-high heat. Add lamb, and brown on all sides (about 5 minutes). Remove from heat; place pan in oven. Bake lamb at 450° for 12 minutes or until thermometer registers 145° (medium-rare) or until desired degree of doneness. Transfer lamb to a serving platter. Cover and let stand 10 minutes.
4. Place pan over medium heat. Add wine, vinegar, and broth; cook until liquid is reduced to about 2/3 cup, scraping pan to loosen browned bits. Add cherries and jelly; simmer 1 minute. Stir in remaining 1/4 teaspoon salt, remaining 1/4 teaspoon pepper, and thyme.
5. Cut lamb into chops. Serve with sauce.