Set a large, wide, deep-sided skillet or pot over medium heat. Melt 2 tablespoons butter and add the onions. Cover the skillet or pot (use foil, if needed), and cook for 5 minutes. Uncover, turn heat to medium-low, and add 1/2 teaspoon each salt and pepper, 4 sprigs thyme, and bay leaves. Cook, stirring frequently, for 40 - 60 minutes, or until onions are a deep caramel hue and sweet-tasting. Onions can be caramelized ahead and kept in the fridge until needed.