In a saucepot, bring Port, Madeira, white wine, bay leaf, and thyme to a boil. Reduce to au sec, strain, and cool in refrigerator.
Heat oven to 350°F. Line a terrine with strips of bacon, making sure there are no gaps.
In a food processor, purée chicken livers and push them through tamis, ensuring it stays cold.
Return to food processor with egg, pulsing and drizzling in Red Wine Reduction.
Continue to pulse and slowly pour in clarified butter and truffle oil.
Remove from food processor and add to a bowl. Fold in truffle peelings and salt.
Pour pâté into the bacon-lined terrine mold, wrapping ends of bacon to cover the top.
Top with thyme and bay leaves.
Cover pâté with foil, place in a shallow water bath; cook 1 hour and 15 minutes, to an internal temperature of 145°F.
Chill overnight, slice, and serve.
