In a medium bowl, combine the crumbled feta, ricotta, and fresh thyme (if using). Stir until smooth and well blended. Set aside.

Preheat your oven to 400°F (200°C). Line a rimmed baking sheet with parchment paper.

Cut each phyllo sheet in half lengthwise to create 12 long strips. Keep the unused strips covered with a damp kitchen towel to prevent drying.

Lightly brush one phyllo strip with melted butter or olive oil. Place about 1 tablespoon of the cheese filling near one short end. Fold the sides over the filling, then roll up tightly. Place the roll seam-side down on the prepared baking sheet. Repeat with the remaining strips and filling.

Brush the tops of all rolls with the remaining butter or oil.

Bake for 15 to 20 minutes, rotating the pan halfway through, until the phyllo is deep golden and crispy. For extra blistering, broil for 30 to 60 seconds at the end, watching closely to avoid burning.

While the rolls bake, warm the honey in a small saucepan over low heat. Stir in the red pepper flakes and let steep for 1 to 2 minutes. Remove from heat and let cool slightly.

Drizzle the warm chili honey over the hot rolls or serve it on the side as a dip. Garnish with extra thyme if desired.