Slice the top off of the pumpkin. Remove the seeds and any excess pulp.
Rub the interior of the pumpkin with 1 tablespoon of extra-virgin olive oil, 1 teaspoon kosher salt and a pinch or two of nutmeg. Set aside.
Place 1 tablespoon butter, bacon, shallot, thyme and red pepper flakes into a medium sized skillet. Sauté over medium heat for about 7 minutes, or until the bacon is cooked and the shallots softened.
Add the arborio rice and cook for 2-3 minutes. Stir frequently to prevent burning.
Increase the heat to medium-high. Add the chicken stock and simmer until the liquid is almost absorbed.
Remove from the heat. Pour the mixture into the pumpkin. Add the cream, water and gruyere. Stir well. Top with 1 tablespoon butter.
Place the pumpkin on a parchment lined rimmed baking sheet. Cook for 1 1/2 to 2 hours or until the rice is cooked all the way through.
Remove from the oven and spoon out the rice with the pumpkin.
The liquid from the pumpkin will ooze out of the bottom of the pumpkin. Parchment paper will keep this mess from sticking to the bottom of the sheet pan. Omit the red pepper flakes if a bit of heat is not desired.