Place 1 stick of the butter, the Worcestershire, beef base, lemon juice, red wine vinegar, preserved lemon, parsley, garlic, kosher salt, pepper, crushed red pepper in a mixing bowl and stir or whisk until well-combined.

Heat a small skillet over medium-high heat. When the skillet is hot, add the remaining ½ stick of butter to the pan along with the thyme leaves and bay leaf and cook, swirling the pan occasionally, until the butter is browned and has a nutty fragrance.  Immediately remove the pan from the stovetop and strain the butter through a fine-mesh sieve into a heatproof bowl and transfer to the refrigerator briefly until the brown butter has cooled to room temperature. (Do not allow to harden.)

When the brown butter has cooled slightly, whisk it into the seasoned butter mixture until thoroughly combined. Transfer the compound butter to a piece of plastic wrap or parchment paper and roll up and twist the ends tightly to form a cylinder. Refrigerate until the butter is thoroughly chilled, up to several days in advance.