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1
Heat the broth and water in a pot over a gentle heat.
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2
Heat the oil in a wide, heavy-bottomed pot, over a medium heat. Add the pancetta and cook until crisp. Remove the pancetta to a plate and set it aside. Add the the butternut squash and onions into the pot along with a good pinch of salt and pepper and saute until it starts to soften slightly, approximately 5-7 minutes.
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3
Add the butter, sage, another pinch of salt and pepper and the arborio rice. Stir the rice to coat it in the butter and olive oil and cook for 2 minutes.
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4
Stir in the white wine and when that is absorbed, begin adding the broth, one ladle-full at a time. Add approximately 1/4 cup broth at a time and don't add more broth until the previous amount has been absorbed. It should take about 25 minutes to add all the liquid. If it's taking much longer, then increase the heat, and if it is absorbing really quickly then turn the heat down.
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5
When all the broth has been added, stir in the Parmesan cheese and the crispy pancetta. Check to see if it needs any salt or pepper and add some according to your taste.
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6
Serve with a dollop of mascarpone cheese as a side dish or a decadent lunch.
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7
Note: Most tetra packs of chicken broth come in volumes of 4 cups. If you have more then feel free to use all chicken broth. I add water because I don't like to open another package of chicken broth if I'm not sure when I will use it all.
