Combine honey, olive oil, and thyme in heavy small saucepan.
Stir over low heat until just warm. Remove from heat.
Place lamb on rack set in roasting pan; brush with half of honey mixture from bowl.
Roast lamb 12 minutes; brush again with honey mixture from bowl.
Continue to roast until instant-read thermometer inserted into thickest part of meat registers 125°F for medium-rare and up to 150°F for well done. The time will vary depending on the size of your roast and desired level of done-ness; figure 15-25 minutes per pound.
Transfer lamb to cutting board; over with foil and let rest for 15-20 minutes.
Cut lamp into slices and drizzle with leftover honey glaze.
Notes
No roasting rack? No problem. Simply tear off a large piece of aluminum foil and wad it up in a shape to fit the length of the roasting pan and place your roast on top.