In a medium saucepan on medium-low heat, add the pearl onions, vinegar, sugar, shallots, red onions, a pinch of salt, a few grinds of pepper and 1/4 cup water. Stir to combine, then cook until the onions are completely tender and caramelized, 40 to 45 minutes.
Add the thyme and scallions to the cooked onions and refrigerate until ready to use. Serve on nachos, burgers, hot dogs, etc.
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