Mix thyme and 1/8 teaspoon each salt and pepper in a small bowl. Sprinkle both sides of pork chops with the thyme mixture.
Stir cranberry juice and 2 1/2 tablespoons honey in a 1-cup glass measure until well blended.
Heat oil in a large nonstick skillet over medium-high heat until hot but not smoking. Add the chops and cook until browned on both sides, 2 to 3 minutes per side. Push the chops to one side of the pan, add onion to the empty half and cook, stirring, until the onion is soft and beginning to brown, 1 to 2 minutes. Pour half the juice mixture into the pan. Add cranberries. Reduce heat to medium and cook, turning the chops occasionally, until cooked through, 2 to 4 minutes. Transfer the chops to a serving plate and tent with foil to keep warm. Add the remaining juice mixture to the pan. Increase heat to high and cook until the mixtures reduces to form a syrupy sauce, about 2 minutes. Season with the remaining 1/8 teaspoon salt and pepper and up to an additional 1/2 tablespoon honey to taste. Spoon the sauce over the chops.