In a small skitter cook onion and garlic in butter over medium heat until tender but not brown, set aside. In a large mixing bowl combine the milk, eggs, pepper and thyme. Stir in cheese, add onion mixture and olive oil.
Heat a lightly greased griddle/skillet over medium heat. For each pancake, drop about 1/4 cup batter onto the hot griddle, batter will be thick. Spread batter into a circle about 4 inches in diameter.
Cook over medium heat until pancakes are golden brown, turning to cook second sides when pancake surface are bubbly and edges are slightly dry, about 2 - 3 minutes on each side. Serve immediately or keep warm in a loosely covered ovenproof dish in a 300 degree oven.