Put the chicken (or vegetable) stock in a saucepan and bring it to a boil. Turn the heat down to very low so the stock stays hot.
Heat the olive oil in a second large saucepan over medium-high heat. Add the shallots and saute for about 4 minutes, until light golden in color.
Add the rice, and stir for one minute to coat the grains with olive oil.
Add the white wine to the rice, and reduce the heat to medium.
Add about 2 ladles of the hot stock to the risotto, and let it come to a simmer. If necessary, turn the heat down to medium-low so it simmers, not boils. As the stock is absorbed, add another ladle or two and repeat until the rice is creamy and tender. This will take at least 40 minutes, or longer. You may not need all of the stock.
As the risotto is cooking, add the butternut squash. It will only need about 10 minutes to soften, but it's OK to cook it longer if you prefer it broken down.
Add the sage, nutmeg, and Kosher salt to taste.
Add the cream if you desire a creamier texture, along with the cranberries and cheese.Stir well to combine and serve immediately.