Bodemeister has been lightly raced, that much is true. But after watching him at Churchhill Downs on Tuesday, that might actually be an advantage.

The colt drilled five furlongs in 1:00:08 earlier this week, and looks every bit the favorite to win the Kentucky Derby on May 5. He’s not actually listed as the overall favorite in betting lines yet.

He’s actually tied with Union Rags, who was the outright favorite a few weeks ago on Bovada’s Kentucky Derby Futures page.

But Bodemeister has narrowed the gap and both sit with 9/2 odds on Bovada.

Bodemeister is steadily improving every day, especially after his 9 1/2-length blowout at Oaklawn.

“I feel relieved. Bode worked really well,” trainer Bob Baffert told the Kansas City Star. “He looked like he skipped right over the track and you never know until you work them over how they’re going to handle it.

“He’s got a ways to go but what I saw today was very encouraging. He moves over the ground really easy.”

Baffert, who suffered a heart attack a month ago in Dubai, is trying to take things slow, but will still run Grade I winner Liason in the Derby, too. Liason won the Grade I CashCall Futurity in December.

After winning that race, he seemed to be gaining momentum, but hasn’t even hit the board in three other races in 2012.

“I’m going to run him. I love the way he went over this track,” Baffert told the Star. “What a difference. Santa Anita, he just hated that place. He worked well the other day at Hollywood Park and today he went around there and looked like a different horse. He still has a mountain to climb but we’re going to work him here and give him a chance.

“At the end of December, he looked like he would be one of the Derby favorites. But he’s just had rough outs this year.”

Liason is tied with Daddy Long Legs and Sabercat with 35/1 odds to win the Derby.