Combine the sugar and 1/4 cup water in a small saucepan. Stirring over low heat dissolve the sugar. Increase heat and bring to a boil. DO NOT stir and cook until mixture is a golden color, about 4-5 minutes.

Remove saucepan from heat and carefully add vinegar and wine - mixture will sputter!

Return the saucepan to medium heat and add garlic, peppercorns, thyme, and salt. Stir for a few minutes until all the caramel has melted. Remove from heat and let cool. Set aside for at least 3 hours for flavors to develop.

Whisk in the extra virgin olive oil and lime juice. Can be refrigerated for up to 5 days.