1. Bring 2 cups water, milk, salt, and thyme to a boil in a large saucepan. Gradually stir in farina; reduce heat, and simmer, uncovered, 4 minutes, stirring occasionally.
2. While farina cooks, heat 1 teaspoon oil in a large nonstick skillet over medium-high heat. Add sausage, and cook 3 minutes or until browned, stirring frequently. Remove from pan; set aside, and keep warm. Add remaining 1 teaspoon oil to pan; add onion and bell pepper. Sauté 5 minutes or until onion begins to brown. Stir in garlic and crushed red pepper; sauté 15 seconds. Remove from heat. Stir in sausage and remaining 1/4 cup water, scraping pan to loosen browned bits.
3. Spoon farina evenly onto each of 4 plates. Sprinkle evenly with cheese. Spoon sausage mixture evenly over cheese.