Grease 12 2 1/2-inch muffin cups; set aside.
In medium mixing bowl stir together flour, baking powder, thyme and salt. Make well in center of dry mixture.
In another medium mixing bowl combine eggs, milk and oil. Add all at once to dry mixture. Stir just until moistened (batter should be lumpy). Fold in crumbled bacon and walnuts.
Spoon batter into prepared muffin cups, filling each almost full. Bake in 400° oven about 20 minutes or until golden. Cool in muffin cups on wire rack 5 minutes. Remove muffins from muffin cups. Serve warm. Makes 12.