Add 1 Tbsp olive oil to a large sauté pan or Braiser over medium-high heat. Once heated, add the pancetta.
Allow the pancetta to saute for 2 minutes then stir and cook for an additional 2 minutes. Once cooked, remove to a plate lined with a paper towel. Set aside.
Remove all but 1 Tbsp of the fat from the pancetta from your saute pan. You can discard this or save to use as a fat to cook with later.
Add 2 Tbsp butter to the pan. Once melted add the shallot, cook for 2 minutes. Add the garlic and cook for one minute.
Add the flour and stir to incorporate.
Once flour is incorporated, add the milk and the heavy cream along with the salt and the nutmeg. Allow to come to a boil. Reduce the heat to low and allow to simmer until thickened. About 3-5 minutes.
Add the additional 1 Tbsp of butter and the frozen peas. Mix to combine and allow the peas to cook, about 1-2 minutes.
Add the grated parmesan cheese and stir until the cheese melts into sauce. Remove from heat, stir in the pancetta. It’s important that the Parmesan cheese is grated so it easily melts into the roux. You can grate Parmesan yourself or buy pre-grated Parmesan cheese at the grocery store.
Once the pasta is cooked, toss it into the pan with the sauce. Sprinkle it with shredded parmesan cheese. Add fresh cracked black pepper. Serve warm!