Make the sauce: in a saucepan over med-high heat, melt the butter.
Add in the onion; cook 3 minutes, until tender, stirring occasionally to prevent browning.
Add in the garlic; cook for 1 minute, stirring occasionally.
Remove pan from heat, carefully add in bourbon; then return pan to the heat (watch out—it might flame).
Once the flame subsides, decrease heat to medium; add in the beef stock and cream; simmer until about 1/3 cup liquid remains, 15-20 minutes, stirring occasionally (times will vary depending on the diameter of your pan).
Add in the thyme; season with salt and pepper to taste.
Make the rub: in a small bowl, mix together all the rub ingredients.
Let the chops stand at room temperature for 20-30 minutes before grilling.
Lightly brush or spray both sides of the chops with oil and season evenly with the rub, pressing the spices into the meat.
Grill over Direct Medium heat until barely pink in the center of the meat, 8-10 minutes, turning once.
Remove from the grill and let rest 3-5 minutes.
Bring the sauce to a simmer and serve warm with the chops.