01 - In a large skillet or sauté pan, melt the butter with the olive oil over medium heat.
02 - Add the peeled pearl onions and cook, stirring occasionally, until lightly golden, about 5 minutes.
03 - Sprinkle sugar, salt, and pepper over the onions; stir to coat evenly.
04 - Pour in the broth, then add the bay leaf and thyme.
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 has evaporated.
06 - Remove the lid, increase heat to medium, and cook for another 3 to 5 minutes, shaking the pan occasionally, until onions are glazed and golden.
07 - Discard bay leaf and thyme sprigs. Serve warm.