In a microwave safe bowl, combine milk and thyme. Microwave, uncovered on high 1-2 minutes until bubbly, cover and let stand for 5 minutes. Cool to room temperature.
In a large mixing bowl, cream butter and sugar. Add eggs, one at a time, beating baking powder and slat; add to creamed mixture alternately with reserved milk mixture. Stir in lemmon juice and peel.
Pour into a greased 9 in.x 5 in.x 3 inches loaf pan. Bake at 350 degrees for approximately 45 minute or until a toothpick inserted near the center comes out clean. Cool for 10 minute before removing from pan to a wire rack.
In a small bowl, combine glaze ingredients until smooth; drizzle over bread.