Combine rice and oil in a 1.5 quart microwaveable dish, stirring to coat. Microwave, uncovered, on High for 3 minutes.
Add broth and 1 cup water to rice mixture; microwave uncovered on High for 9 minutes. Stir well; microwave uncovered on High for 6 minutes. Remove from microwave; let stand 5 minutes or until all liquid is absorbed.
While risotto stands, heat squash in microwave on High 2 minutes or until warm. Add squash, salt, pepper, and cheese to risotto. Stir well to combine. Garnish with additional cheese and thyme if desired.
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