Heat a nonstick skillet coated with cooking spray over medium heat. Add pancetta; cook 1 minute or until browned. Place pancetta in a large bowl. Heat oil in pan. Add onion and garlic; sauté 7 minutes. Add onion mixture to pancetta. Place flour in pan. Gradually add milk; stir with a whisk until blended. Cook over medium heat until thick (about 5 minutes); stir constantly. Add cream cheese; stir until cheese melts. Stir in peas, 1 cup Parmesan, basil, salt, and pepper. Add cheese sauce and pasta to pancetta mixture; toss well. Sprinkle with 1/4 cup Parmesan.