Roasted Asparagus with Fresh Favas and Morels

Name: Roasted Asparagus with Fresh Favas and Morels
Yield: 6 Servings
Ingredients: 1/2 cup water; 1/2 ounce dried morel mushrooms, rinsed; 1 shallot, chopped; 1 tablespoon Sherry vinegar; 1 lb fresh fava beans, shelled (about 1 cup); 1 1/2 lbs thick asparagus, trimmed; 3 tablespoons olive oil; 3 slices pancetta or bacon, chopped; 2 teaspoons chopped fresh thyme