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1. In a small dish whisk together the oil, vinegar, thyme, salt, and crushed red pepper. Remove and reserve 2 tablespoons of the marinade. Place chicken between 2 sheets of waxed paper; pound lightly with a meat mallet to make an even thickness about 1/2-inch thick; place in a plastic bag. Add the remaining marinade. Seal bag and marinate about 15 minutes at room temperature or up to 1 hour in the refrigerator.
2. Lightly grease the rack of an indoor electric grill or lightly coat with nonstick cooking spray. Preheat grill. Brush cut sides of bread with reserved marinade; place bread, cut side down, on grill rack. If using a covered grill, close the lid. Grill until lightly toasted. (For a covered grill, allow 1 to 2 minutes; for an uncovered grill, allow 2 to 4 minutes, turning once halfway through grilling.) Remove bread from grill; set aside.
3. Place chicken on the grill rack. If using a covered grill, close the lid. Grill until chicken is tender and no longer pink. (For a covered grill, allow 3 to 4 minutes; for an uncovered grill, allow 8 to 10 minutes, turning once halfway through grilling.) Remove from grill and spread or sprinkle with cheese.
4. To serve, place one chicken breast on each grilled bread slice. Top with roasted pepper strips and watercress. Makes 4 servings.