Pat ribs dry and season with salt and pepper. Heat oil in a large skillet over medium-high heat and brown ribs in 2 batches for about 8 minutes each, then transfer to a 6-quart slow cooker.
Drain excess fat from the skillet, add butter and onions and cook over medium heat for 25 to 30 minutes, stirring often, until the onions are golden-brown.
Add sherry and 1 cup of the measured broth and scrape up the browned bits. Pour into the cooker with remaining broth, thyme and bay leaf.
Cover and cook on low for 7 to 8 hours until ribs reach at least 145°F and are fully fork-tender. Lift out ribs, remove every bone and excess fat and pull the meat into large pieces.
Return meat to the soup, discard the bay leaf and skim surface fat. Keep covered on warm briefly while making the toast.
Heat the broiler and arrange baguette slices on a metal sheet pan. Toast for 1 to 2 minutes per side, add Gruyere and broil for 1 to 2 minutes more until melted and bubbling, watching constantly.
Divide soup among 6 bowls and float 1 cheese toast on each just before serving.