In a small skillet cook onion and garlic in margarine or butter over medium heat until tender but not brown; set aside. In a large mixing bowl combine the milk, eggs, pepper, and thyme. Stir in spinach, bread crumbs, and the 1/4 cup Parmesan cheese; add onion mixture and olive oil.
Heat a lightly greased griddle or heavy skillet over medium heat until a few drops of water dance across the surface. For each pancake, drop about 1/4 cup batter onto the hot griddle (batter will be thick). Spread batter into a circle about 4 inches in diameter.
Cook over medium heat until pancakes are golden brown, turning to cook second sides when pancake surface are bubbly and edges are slightly dry (about 2 to 3 minutes per side). Serve immediately or keep warm in a loosely covered ovenproof dish in a 300 degree F oven. If desired, top with yogurt, sour cream, or Parmesan cheese. Makes 10 pancakes.