Cut your bacon into ¾ inch pieces and cook until crisp, stirring it around often.
Drain all but 2 TBS or so of the bacon grease out.
Add in the onions and saute for about 6 minutes.
Add in the garlic and saute for 1-2 minutes, stirring the whole time.
Add in sugar, brown sugar, apricots, vinegar's and water. Stir and bring to a simmer over medium heat.
Add in Thyme sprigs, salt, and pepper and continue simmering, stirring often, for 10 minutes, being careful not to burn.
Taste and adjust seasoning to your preference if necessary.
Remove Thyme sprigs and allow the mixture to cool.
You can then pulse the jam a few times in your food processor for a finer jam or leave it as is chunkier.
Once completely cool, store in airtight jars in your refrigerator for up to 3 weeks.
Heat it up a bit to enjoy on whatever you like.