Brown the butter in a medium sauce pan over medium low heat by cooking the butter until it turns a light golden brown and smells nutty. Stir regularly.
Stir in a half cup of white wine and a half cup of vegetable stock. Bring the mixture to a slow simmer, stirring regularly until the rice absorbs the liquid.
Stir in the pumpkin puree, Parmesan cheese, nutmeg, cinnamon, and red pepper flakes. Serve hot and garnish with more cheese, crushed walnuts and fresh sage.