Combine the crumbled feta cheese and ricotta cheese in a mixing bowl. Add fresh thyme leaves if desired and mix until smooth.
Preheat your oven to 375°F (190°C).
Cut one sheet of phyllo pastry in half, brush it with melted butter or olive oil, place a spoonful of cheese filling at one end, fold in the sides, and roll it up tightly. Repeat with remaining sheets.
Arrange the rolls on a lined baking sheet, brush the tops with melted butter or olive oil, and bake for about 20 minutes until golden brown and flaky.
In a small saucepan over low heat, combine honey and red chili flakes, stirring until warmed through.
Drizzle the baked rolls with the chili honey before serving.