Heat the oil in sauce pot over medium-high heat. Add pancetta and cook until crisp, 5 minutes then remove to a plate. Add the liquids to the sauce pot and bring to boil. Whisk polenta into the liquid and continue to whisk 2 to 3 minutes to thicken. Season with salt and pepper and stir in peas to heat through 1 minute more. Remove from heat, stir in cheese and adjust seasoning. Garnish with pancetta.