Heat olive oil in a small saucepan over medium heat. Add onion and cook for 7-8 minutes until softened, stirring occasionally.
Stir in thyme and garlic and cook for 2 minutes.
Add wine and vinegar, bring to a boil then reduce heat to low and cook for an additional 7 minutes or until most of the liquid evaporates, stirring occasionally.
Place onion mixture in a food processor then add the olives and black pepper. Process until smooth.
