Heat 1 teaspoon oil in large skillet over medium heat, swirl to coat. Add garlic and shallots, sauté for three minutes, or until shallots are softened, stirring frequently. Combine shallot mixture, ricotta, and next 8 ingredients (through egg) in a medium bowl. Shape mixture into 12 (1 inch) meatballs, flatten each meatball slightly.
Return pan to medium-high heat. Add remaining 2 teaspoons oil to pan. Add meatballs to pan, cook 6 minutes, turning once. Add sauce, bring to a boil, scraping pan to loosen browned bits. Cover, reduce heat, and simmer 8 minutes or until meatballs are done. Top bottom half of each bun with 1 1/2 tablespoon sauce, 1 meatball, 1 basil leaf, and top half of bun.
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