Salt and pepper the parsnips and place them in a pot.Cover them with the cream and milk. Add the bay leaf, garlic and thyme. Bring to a boil reduce to a simmer and simmer about 15 minutes until parsnips are tender.
Meanwhile cook the bacon until crispy. Remove to drain on paper towel. Stir in the shallots in pan in bacon grease and cook until translucent.
When parsnips are tender drain from cream reserving some of the cream.
Add the parsnips to a food processor with the butter and a little of the cream and puree until desired texture. Use as much cream mixture to desired consistency.