01 - In a large skillet or sauté pan, melt butter with olive oil over medium heat.
02 - Add peeled pearl onions and cook, stirring occasionally, until lightly golden, about 5 minutes.
03 - Sprinkle sugar, salt, and pepper over onions and stir to coat evenly.
04 - Pour in broth, add bay leaf and thyme sprigs.
05 - Bring to a simmer, reduce heat to low, cover, and cook for 25 to 30 minutes, stirring occasionally, until onions are tender and most liquid evaporates.
06 - Remove lid, increase heat to medium, and cook 3 to 5 minutes, shaking pan occasionally, until onions are glazed and golden.
07 - Discard bay leaf and thyme sprigs. Serve warm.