For the Fritters: In a small bowl combine the ricotta, mozzarella, salt, and pepper. In another bowl pour the panko. In a third bowl lightly beat the eggs. Put the flour in a fourth bowl. Line a tray with parchment paper.
Scoop a 1 1/2 tablespoon ball of the cheese mixture into the flour and roll to coat. Transfer the ball to the eggs and roll to coat. Transfer the cheese ball to the panko and again roll to coat. Transfer the ball to the parchment-lined tray. Continue with the remaining cheese mixture. If it is warm in your house, you may want to chill them in the refrigerator for 15 to 30 minutes prior to frying.
Meanwhile heat 3 inches of vegetable oil in a large skillet to 350 degrees F. Fry fritters in batches, being careful not to overcrowd the pan, until golden, about 1 to 2 minutes. Remove with a slotted spoon to paper towel to drain. Sprinkle with thyme. Serve warm with Balsamic Dipping Sauce.
For the Balsamic Dipping Sauce: Combine the vinegar, lemon juice, mustard, and honey in a blender. Blend until combined. Add the oil in a steady stream while the machine is running. Season with the salt and pepper. Serve in a small bowl alongside the fritters.