Heat butter in a pan over medium-low heat. Add onions, bay and season the onions with thyme, salt and pepper. Cook to caramel in color and very soft, 40-45 minutes, stirring occasionally. Sprinkle caramelized onions with flour, cook 1 minute then stir in sherry and deglaze pan. Add beef consomm and simmer gently for 5 minutes, until a very thick sauce forms.
Meanwhile, heat a cast-iron skillet or griddle over medium-high heat. Pat steaks very dry and drizzle pan with oil. Rub a paper towel over bottom of the pan to make sure the oil coats the whole surface and to remove any excess. Add steaks and cook 4 minutes on each side for a pink center. Season steaks with salt and pepper.
Place 2 toast points on each dinner plate. Top steaks with onion sauce and serve with sliced ripe tomatoes and creamed spinach. Garnish with Sour Cream and Onion Rings, if you're an all-out onion lover.