In a large pot over medium-high heat, rown pancetta, stir occasionally.
Add 4 tablespoons butter to the same pot before adding the diced shallots.
Stir occasionally until the shallots are soft and translucent.
Add arborio rice to the pot, allowing it to get toasted with a golden brown color on some of the grains. This helps boost the flavor of the dish.
Add 1/3 of the chicken stock and stir regularly, scraping the rice from the bottom to avoid sticking. Keep doing this until you've used all the chicken stock.
In a large sauté pan over medium heat, add the remaining butter. Cradle your heat and keep the pan moving to avoid burning the butter.
Add sage leaves and stir occasionally until the butter to get to a light-brown color. Add the butternut squash to the pan and cook it until it is softer but still with a slight crunch/bite. The squash will continue cooking once you add it to the risotto.
Add the butter, sage, and butternut squash to the risotto pot and stir.
Add heavy whipping cream and simmer for about 5-minutes. The risotto should be saucy. If it doesn't have enough sauce, it will be dry and caky by the time it's served.
Add the parmigiana reggiana cheese, stir.
Add salt to taste and stir.
Serve hot in a shallow, wide bowl. Dust with a bit more of grated cheese.