In a medium saucepan, heat butter on medium heat until butter is lightly browned. Add red pepper. Sauté 2 to 3 minutes. Add the rice and sprig of thyme and sauté for 1 to 2 minutes more. Season the rice with salt and pepper. Add the bay leaf and chicken stock. Bring to a boil. Reduce heat to low. Cover and simmer over low heat for about 10 minutes. Add the peas. Continue to cook covered another 5 minutes or until the rice is cooked and the liquid is absorbed.
Let sit covered for 5 minutes. Fluff with fork before serving. Serve 4 to 6 people.