Heat oil in small saucepan over medium-low heat until hot. Add onion; cook 3 to 4 minutes or until softened, stirring frequently.
Add cranberry sauce, vinegar, pumpkin pie spice, thyme, pepper and hot pepper sauce; mix well. Bring to a boil over medium heat. Cook 10 to 12 minutes or until thickened and reduced slightly, stirring frequently. Cool 20 minutes. Cover; refrigerate at least 4 hours or overnight.
Just before serving, spread about 1 teaspoon cream cheese spread on each cracker. Top each with about 1 1/2 teaspoons cranberry mixture. If desired, garnish each with fresh thyme.