Combine water, wine and broth; set aside
Heat oil in a large, nonstick skillet over medium-high heat
Add onion and garlic; cook, stirring occasionally, for 4 minutes or until onion is tender.
Stir in rice; cook, stirring frequently, for 2 minutes. Stir in pumpkin and thyme, bacon and red pepper.
Stir in 1 cup of broth mixture. Reduce heat to medium; continue adding broth mixture, 1 cup at a time, allowing each addition to be absorbed before adding more broth. Rice should be tender but firm to the bite and mixture should be creamy.
This will take 20 – 25 minutes. Stir in cheese and butter until melted. Season with salt and pepper. Serve immediately.