Peel and cut butternut squash into 2 cm (1/2" cubes). Cut the pancetta into small pieces as well, approximately 1-2 cm as well.

Heat the broth and water in a pot over a gentle heat.

In a wide, heavy-bottomed pot, over a medium heat, fry the pancetta until crispy in the olive oil. Remove the pancetta and set it aside. Add the the butternut squash along with a good pinch of salt and a dash of pepper and sautee until it starts to soften slightly, approximately 5-7 minutes.

Add the butter, sage, a pinch of salt and pepper and arborio rice. Stir the rice to coat it in the butter and olive oil and cook for 2 minutes.

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 taking much longer then increase the heat, and if it is absorbing really quickly then turn the heat down.

When all the broth has been added, stir in the Parmesan cheese and the crispy pancetta that was set aside earlier. Check to see if it needs any salt or pepper and add some according to your taste.

Serve with a dollop of mascarpone cheese as a side dish or as a decadent lunch.