To make honey mustard sauce, mix together mustard and honey. Do this ahead of time to allow flavors to develop.
Rinse chicken and add to shallow dish. Cover with buttermilk and allow to soak for at least 15 minutes while you make the coating. A longer buttermilk soak is preferred (at least 24 hours refrigerated is recommended), but you can get away with 15 minutes if needed.
Preheat oven to 400 degrees F.
In food processor, blend together Cheerios, parmesan, and fresh thyme for 30 seconds to create a crumb topping. Add to gallon size plastic bag. Add paprika and garlic powder to the mixture; shake to blend well.
One at a time, pick up each piece of chicken and allow excess buttermilk to drip off. Add buttermilk coated chicken pieces to bag with crumbs. Seal bag and give it a good shake until all of the coated has covered the chicken pieces.
Spread olive oil over bottom of baking sheet. Lay chicken pieces in a single layer on top and cover with any additional crumb coating from bag.
Cook in preheated oven for 10-15 minutes until chicken is a golden brown. Serve with honey mustard dipping sauce.