Preheat the oven: preheat the oven to 180°C / 350-375°F / Gas Mark 4-5.
Bread bowl: place the cob loaf into the centre of a clean, dry chopping board. Use a knife to slice the top off and set aside for now. Then keeping a 1 - 1.5 inch perimeter, make a circle with the knife and pull the soft bread out.
Extra bread bits: use the same knife to chop the top and all of the extra bread bits into smaller (bread chip size) bits and pieces.
Bacon and onion: place a large frying pan onto the stove top. Turn the heat to high and add the olive oil. Add in the onion and diced bacon and cook for 4-5 minutes. Once the bacon and onion is cooked, turn the heat off and transfer it to a small bowl.
Combine: next add the cream cheese, sour cream, cheddar cheese and cooked bacon and onion to a large mixing bowl and then stir to combine.
Layers: now spread a layer of the pepper jelly into the base of the bread bowl. Then spoon some of the combined cheeese mixture on top. Repeat this process to add another pepper jelly layer and finish with a cheese layer.
Oven bake: place the dip and extra bread bits onto a silicon mat with a baking tray under it. Use a basting brush to coat the surface of the bread with olive oil. Then use cooking spray to spray the bread bits. Put the baking tray into the oven (uncovered) and cook for 10 minutes. Then use oven mitts to remove and set on a heatproof surface. Use tongs to remove the toasted bread bits then return the dip to the oven for a further 30 minutes.
To serve: once the final cook time is up, use the oven mitts to remove the baking tray and set it on a heatproof surface. Transfer the cooked dip to a serving platter and top it with a final layer of pepper jelly. Garnish with thyme leaves and serve immediately.