In a large skillet or saucepan, melt the butter over medium heat.

Add the diced pancetta and cook until crispy.

Remove the pancetta from the pan and set aside.

In the same skillet, add the finely chopped onion and diced butternut squash.

Sauté until the onion is translucent and the squash is tender.

Add the minced garlic and Arborio rice to the skillet, stirring constantly, and cook for about 1 minute until the rice is well coated with butter.

Stir in 1 dl (about 1/2 cup) of the broth and the saffron threads or powder.

Cook, stirring, until most of the liquid has evaporated.

Gradually add the remaining broth, about 1/2 to 1 cup at a time, stirring constantly and allowing the liquid to be absorbed before adding more.

Continue this process until the rice is creamy and tender, about 20-25 minutes.

Stir in the cooked pancetta, ground nutmeg, and season with salt and pepper to taste.

Optionally, stir in an additional knob of butter for extra creaminess.

Serve the risotto hot, garnished with chopped celery leaves or parsley.