Melt the butter in a large skillet over medium heat. Add the sliced onions and cook for 5 minutes, stirring constantly, over medium heat. Reduce heat to low, cover, and cook for an additional 10-15 minutes or until golden brown. Stir onions periodically to prevent burning.
To the onions, add the broth, cooking sherry, sugar, flour, worcestershire sauce, and bay leaf. Bring to a boil, then reduce heat to medium and continue cooking until most of the liquid has evaporated, about 7-8 minutes.
While the onion mixture is reducing, top the baguette slices with sliced cheese and place on a rimmed baking sheet. Bake at 350°F for 6-8 minutes or until cheese is melted and bubbly.
Divide the onion mixture evenly among the crostini; garnish with fresh thyme and fresh cracked pepper.