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1
Heat the oven to 325.
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2
In a large, heavy, ovenproof pot, melt 2 tablespoons of the butter with the oil over moderately high heat.
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3
Add the veal roast and brown well on all sides, 10 to 15 minutes.
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4
Remove the veal.
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5
Pour off the butter and oil and wipe out any blackened bits with paper towels.
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6
Melt the remaining 3 tablespoons butter in the pot over moderate heat.
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7
Add the vegetables, parsley, the 2 teaspoons dried thyme and the bay leaf and cook, covered, until the vegetables have begun to soften, about 5 minutes.
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8
Sprinkle the veal with the salt and 1/4 teaspoon of the pepper.
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9
Top with the bacon.
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10
Put the veal in the pot with the vegetables and cover.
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11
Roast in the oven, basting occasionally, until done, about 11/2 hours.
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12
Transfer the veal to a carving board and leave to rest in a warm spot for about 15 minutes.
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13
Pour off most of the fat from the pot.
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14
Strain the cooking liquid into a medium saucepan and press the vegetables to get all the liquid.
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15
Add the remaining 1/4 teaspoon pepper, the cream, vermouth and the 1/2 teaspoon dried thyme, if using, and bring to a boil over moderately high heat.
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16
Boil until reduced to 1 cup, about 5 minutes.
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17
Strain and stir in the fresh thyme, if using.
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18
Remove the bacon and strings from the veal roast and slice it.
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19
Serve with the thyme sauce.
