In a large heavy skillet combine 2 tablespoons of the butter. Add the morels, halved lengthwise or sliced crosswise. Saute until tender, about 5 minutes. Add to skillet 1 clove minced garlic. Saute 1 minute. Add baby carrots, pearl onions, 1 cup chicken broth, 2 sprigs thyme and 1 bay leaf. Simmer 5 to 7 minutes, until tender. Add pattypan squash and peas. Simmer 3 minutes more. Swirl in 2 tablespoons cold butter. Remove from heat and add 3 tablespoons chopped parsley and 1 tablespoon basil chiffonade. Drizzle with truffle oil. Discard the bay leaf and season the ragout with salt and pepper.
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