In a large bowl, combine the squash, 1 Tbls. of oil, salt and pepper; toss to coat. Transfer to a greased baking pan. Bake, uncovered, at 450 degrees for 20-25 minutes, or until tender, stirring once.

In a medium saucepan, heat broth and water; keep warm.

In a 3 qt. pot, sauté onion and garlic in remaining oil until tender. Add rice; cook and stir for 2-3 minutes. Reduce heat; stir in lager. Cook and stir until the liquid is absorbed.

Add heated broth mixture, 1/2 cup at a time (soup ladle works well), stirring constantly. Allow the liquid to absorb between additions. Cook just until risotto is creamy and rice is almost tender (about 20-25 minutes).

Add the butter, chili pepper, nutmeg and squash; cook and stir until heated through. Remove risotto from the heat; stir in the cheese. Top with herbs if desired. Serve immediately.