Bacon, brown sugar, and bourbon marry together to become the ultimate burger topping. This also makes a great appetizer with cheese and crackers.
Heat a large skillet over medium heat and cook bacon until crispy, approximately 10 minutes. Using a slotted spoon, remove the bacon from the pan and set aside. Keep 2 tbsp of fat in the pan and remove the rest for another use.
Add onions and shallot to pan and cook until they begin to caramelize, approximately 15 minutes. (Keep the onions covered while cooking so they release a lot of juice.)
Lower heat slightly, add brown sugar to pan, and cook uncovered for 15 minutes, stirring frequently. The brown sugar granules should be completely dissolved, and the mixture should be thick and caramelized.
Add water, bourbon, and thyme and cook 10-15 minutes until thick. Turn off heat and stir in balsamic vinegar. Add salt and pepper to taste.