Heat the oil and butter in a frying pan (skillet) until the mixture is just beginning to froth.

Add the paneetta or bacon to the pan and cook for 5 minutes or until browned all over.

Mix together the eggs and milk in a small bowl. Stir in the thyme and season to taste with salt and pepper.

Cook the pasta in a saucepan of boiling water for 8 - 10 minutes until tender, but still has 'bite'. Drain thoroughly.

Add the cooked, drained pasta to the frying pan (skillet) with the eggs and cook over a high heat for about 30 seconds or until the eggs just begin to cook and set. Do not overcook the eggs or they will become rubbery.

Add half of the grated Parmesan cheese, stirring to combine.

Transfer the pasta to a serving plate, pour over the sauce and toss to mix well.

Sprinkle the rest of the grated Parmesan over the top and serve immediately.

For an extra rich Carbonara sauce, stir in 4 tablespoons of double (heavy) cream with the eggs and milk in step 3. Follow exactly the same cooking method.