Preheat oven to 250 degrees F. Put 2 slabs of baby back ribs (about 3 pounds) on a baking sheet. Season the 2 slabs of ribs with salt, pepper, fresh thyme and some olive oil. Place them in the oven and bake -- low and slow -- for 2 1/2 hours.
As the ribs are baking, make the BBQ sauce. Start by wrapping 2 bacon slices around 1 bunch of fresh thyme and tie off with kitchen twine to make a nice bundle. Pour 2 tablespoons of olive oil into a large saucepan over medium heat. Add the bacon and thyme bundle and cook for 3-4 minutes to render the bacon fat and give the sauce a nice smoky taste. Peel 1/2 onion and 2 garlic cloves, and add to pan. Cook for 5 minutes. Add 2 cups ketchup, 1 cup peach preserves, 1/4 cup brown sugar, 1/4 cup molasses, 2 tablespoons red wine vinegar, 1 tablespoon dry mustard, 1 teaspoon ground cumin, 1 teaspoon ground paprika, and some freshly ground black pepper to saucepan. Give the sauce a stir and turn the heat down to low. Cook for 15-20 minutes to meld the flavors.
Baste the ribs with BBQ sauce and let them continue cooking, basting once every 15 minutes until the 2 1/2 hour cooking time is finished. When the ribs are cooked, take them out of the oven. Cut ribs straight through on an angle. Pick the onion and garlic out of the BBQ sauce and serve with ribs.
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