In a saucepan, heat the olive oil. When hot add the onion, sweat for a couple minutes, and add the garlic and the thyme. When fragrant add the chipotle chilies, vinegar, ketchup and water. Let reduce at low heat until the water as reduced to approximately 1 cup. Place into your blender or food processor and blend until very smooth. For an event smoother consistency strain through a fine sieve.