HEAT oil in large skillet on medium-high heat. Add chicken and thyme; cook 5 min. or until chicken is browned.
ADD milk, water and macaroni; cover. Cook 10 min. or until macaroni is tender, stirring twice.
STIR in Cheese Sauce Mix, peas and dressing. Cook an additional 2 min.
serving size = 1-1/2 cups