Snap off and discard tough ends of asparagus. Cut diagonally into 1 1/2-inch pieces.
Sauté pancetta in a large skillet over medium heat 5 minutes or until crisp; remove from skillet.
Cook fettuccine and asparagus in boiling salted water to cover 2 to 3 minutes. Drain, reserving 1/4 cup pasta water.
Melt butter with oil in skillet over medium heat; add hot cooked pasta and asparagus, cheese, and next 3 ingredients. Toss to coat, adding enough reserved pasta water to make a glossy sauce. Remove from heat; sprinkle with pancetta. Serve immediately with desired toppings.