Melt butter in 1-quart saucepan until sizzling; add onion. Cook over medium-high heat, stirring occasionally, 2-3 minutes or until softened.
Stir in flour, thyme and pepper. Reduce heat to medium;
stir in chicken broth and half & half. Cook, stirring occasionally, 2-4 minutes or until smooth and bubbly.
Serve gravy over chicken, biscuits and/or potatoes.
To make quick work of chopping onions, slice off stem and root ends of onion. Remove and discard peel. Halve onion from top to root end. Place an onion half, cut side down, and cut parallel vertical slices. Holding the vertical slices together evenly cut across the slices.