This is an excellent way to use up bread that's no longer fresh-using day-old bread actually enhances the flavor, making the toasts all the crunchier.
Preheat oven to 300 degrees. Line two baking sheets with Silpats (French nonstick baking mats) and cooling racks.
In a small bowl, stir thyme and cayenne pepper into oil. Place bread on racks in one layer. Brush with oil. Sprinkle cheese evenly over bread.
Bake until golden and crunchy, 25 to 30 minutes. Cool on racks. Store in an airtight container for up to 1 week.