Carefully sort through the dried black eyed peas, removing any small stones, debris, or shriveled peas. Place the cleaned peas in a large colander and rinse them thoroughly under cold running water until the water runs clear.

Traditional Soaking Method (Recommended): Place the rinsed peas in a large pot or bowl and cover them with at least 3 inches of cold water. Let them soak for a minimum of 6 hours, or ideally overnight. Before cooking, drain the soaking water and rinse the peas again. (Alternatively, use the Quick Soak Method: Boil peas for 2 minutes, cover, let stand 1 hour, then drain and rinse.)

Heat the olive oil or vegetable oil in a large, heavy-bottomed pot or Dutch oven over medium heat. Add the chopped yellow onion and sauté for 5 to 7 minutes, stirring occasionally, until the onion has softened and turned translucent.

Add the minced garlic and sauté for 1 minute more, until fragrant. Be careful not to burn the garlic.

Add the rinsed and drained black eyed peas to the pot, along with the smoked ham hock (or bacon/turkey wing). Stir gently to combine them with the sautéed onions and garlic.

Pour in the 8 cups of water or chicken broth. Add the dried thyme, bay leaf, kosher salt, black pepper, and the optional pinch of cayenne pepper. Increase the heat and bring the liquid to a rolling boil.

Once boiling, immediately reduce the heat to low, ensuring the liquid is just at a gentle simmer. Cover the pot partially, allowing some steam to escape.

Simmer the black eyed peas slowly for 1.5 to 2 hours (or up to 2.5 hours if using unsoaked peas). Stir occasionally and check the liquid level; add 1/2 cup of hot water or broth at a time if the liquid evaporates too quickly to keep the peas submerged.

After 90 minutes of cooking, remove the ham hock or smoked meat from the pot. Allow it to cool slightly, then shred the meat off the bone and return the shredded meat to the pot. Discard the bone and skin.

Continue simmering until the peas are tender and creamy. The liquid should have reduced and thickened slightly, creating the gravy-like consistency known as 'pot liquor.' Remove and discard the bay leaf.

Taste the black eyed peas and adjust the seasoning. Add more salt and pepper as needed. A splash of vinegar or hot sauce can be added to brighten the flavor profile.

Ladle the hot black eyed peas into bowls, ensuring each serving gets some of the tender shredded meat and the rich pot liquor. Serve immediately, traditionally alongside cornbread and rice.