Figgy Port Chutney

Melt butter in a saucepan over medium heat; add shallot, and sauté 3 to 5 minutes or until tender. Stir in figs and next 5 ingredients. Bring to a boil; reduce heat to low, and simmer, stirring occasionally, 15 minutes or until liquid is almost completely absorbed. Remove from heat, and stir in preserves and thyme. Cool 30 minutes. Serve immediately, or store in an airtight container in refrigerator up to 1 week. (If chilled, let stand 30 minutes before serving.)