Heat broth and water in a small pan until simmering, and turn off heat.
Heat the oil over medium heat.
Once oil is hot, place rosemary sprigs in the pan and cook for 2-3 minutes, turning over once.
Once rosemary has started to brown, remove from pan and let cool on paper towels.
Add shallots and garlic to pan and cook and stir for 1-2 minutes.
Add rice, stir, and cook for 2 minutes.
Add 1/2 c. broth and cook until dissolved.
Turn heat down to a simmer and add broth a 1/2 c. at a time every 3-5 minutes and stir.
Once rice is cooked (takes about 25 minutes), add butter, cheese, roasted butternut squash, and some of the rosemary, crushed up.
Stir and turn off heat.
Serve garnished with additional grated parmesan, crushed up rosemary, and bacon.