1In 12-inch nonstick skillet, cook bacon over medium heat, stirring frequently, until crisp. Remove bacon with slotted spoon; drain on paper towels. Reserve 1 tablespoon drippings in skillet.
2Add peas, corn and water to bacon drippings in skillet. Cover; cook over medium heat 6 to 8 minutes, stirring occasionally, until vegetables are tender and water has evaporated.
3Stir in thyme and butter until vegetables are coated. Spoon into serving bowl. Sprinkle with bacon.