Melt 1 tbsp of butter in a small saucepan over medium heat. Add shallot and cook, stirring occasionally, until softened but not browned, about 1-2 minutes. Stir in wine, vinegar, honey, mustard, and thyme and bring to a boil over high heat. Cook, stirring occasionally until the mixture has reduced to about 3 tbsp, about 5-7 minutes. Remove from heat. Cut the remaining tbsp of butter into cubes. Add to saucepan and whisk until the butter melts into the sauce. Season to taste with salt and pepper. Set the sauce aside (it will stay warm, do not reheat).