Rinse and Soak 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 peas and water to a boil for 2 minutes, 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 (or the reserved fat if using bacon). 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 chicken or vegetable broth and add the bay leaf. The liquid should cover the peas by at least 1 inch; add more water or broth if necessary.

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

Remove Meat and Bay Leaf: Once the peas are tender, remove the ham hock and the bay leaf from the pot and discard the bay leaf. Allow the ham hock to cool slightly, 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 heavy cream and the unsalted butter. Continue to simmer gently, uncovered, for an additional 10 to 15 minutes, stirring occasionally. This allows the liquid to reduce slightly and the cream to fully incorporate, creating a creamy sauce.

Season and Serve: Taste the black eyed peas and adjust the seasoning with salt and freshly ground black pepper as needed. (Be mindful that the smoked meat and broth contribute significant salt.) Serve hot.