about 1 cup
Place thyme, crushed red pepper, shallot, red wine vinegar, lemon juice, and honey in a bowl and whisk until thoroughly combined.
Whisk steadily as you slowly drizzle in olive oil drop by drop and then continuously in a steady stream until emulsified.
Fold in chopped basil and parsley and season to taste with cayenne and salt and pepper and serve immediately. Will keep covered in the refrigerator for up to 2 days.