Rinse the Peas: Place the dried black eyed peas in a large bowl, cover them generously with cold water, and allow them to soak for at least 4 hours, or preferably overnight. Alternatively, use the quick soak method: bring the peas and water to a boil for 2 minutes, then remove from heat, cover, and let stand for 1 hour. Drain and rinse the soaked peas before proceeding.

Render the Meat: In a large, heavy-bottomed pot or Dutch oven, heat the olive oil. If using bacon, add the diced bacon and cook over medium heat until crispy. Remove the bacon with a slotted spoon and set aside, reserving 1 tablespoon of the fat in the pot. If using a ham hock, simply proceed to the next step.

Sauté the Vegetables: Add the diced onion and celery to the pot. Sauté over medium-low heat for 6 to 8 minutes, stirring frequently, until the vegetables are softened and translucent.

Add Garlic and Spices: Stir in the minced garlic, dried thyme, and optional red pepper flakes. Cook for 1 minute until the garlic is fragrant, being careful not to burn it.

Combine Ingredients: Place the rinsed, drained black eyed peas into the pot along with the cooked aromatics. If using a ham hock, add it now. Pour in the 8 cups of broth and add the bay leaf. Ensure the liquid covers the peas by at least 1 inch.

Slow Simmer: Bring the mixture to a rapid boil, then immediately reduce the heat to the lowest setting needed to maintain a very gentle simmer. Cover the pot loosely and simmer slowly for 1 to 1.5 hours, stirring occasionally. The peas are done when they are extremely tender and some have broken down naturally, thickening the broth.

Remove Meat and Bay Leaf: Once tender, remove the ham hock and the bay leaf. Discard the bay leaf. Allow the ham hock to cool, then shred the meat from the bone, discarding the skin and bone. Return the shredded meat (and the reserved crispy bacon, if used) back into the pot.

Finish the Dish: Stir in the 1/2 cup of heavy cream and the 2 tablespoons of unsalted butter. Continue to simmer gently, uncovered, for an additional 10 to 15 minutes, allowing the liquid to reduce slightly and the cream to fully incorporate, creating a thick, creamy sauce.

Season and Serve: Taste the black eyed peas and adjust the seasoning with salt and freshly ground black pepper as needed. (Note: The smoked meat and broth will already contribute significant salt.) Serve hot alongside cornbread or rice.