1. In large heavy-bottomed skillet over medium-low heat, cook bacon until just crisp, turning as needed. Remove bacon from pan and drain on paper towels until cooled.
2. Drain all but 2 tablespoons of bacon fat from pan.
3. Increase heat to medium and cook onions for 8-10 minutes or until soft and translucent. Add preserves and sugar to pan and cook over medium heat until hot and sugar has dissolved, stirring occasionally.
4. Add in vinegar, cloves, salt and pepper and cook for 8-10 minutes or until thickened and syrupy, stirring occasionally.
5. Meanwhile finely chop bacon while jam is reducing. Add bacon and thyme to pan and stir to combine, cooking until desired consistency.

Let jam cool and store in airtight jars for up to two weeks.