To a 2-quart saucepan, add the chicken stock and heat on medium until it comes to simmer, then quickly reduce to low to keep it warm.
To a skillet, set over medium heat, add 2 tablespoons butter and 2 tablespoons olive oil and heat until shiny and shimmering. Add the onions and cook for about 5 minutes or until softened. Add the minced garlic, thyme, and arborio rice and cook, stirring often, for another 5 or so minutes until the grains are translucent on the edges with the centers remaining white (it’ll look like each grain has a white dot in the center).
Add the white wine to the skillet, stirring often, until fully absorbed by the grains.
Ladle in about 1/2 a cup of warm stock into the skillet and stir often until the liquid has absorbed into the rice and the bottom of the pan looks dry. Continue this process until all the stock has been incorporated. It should take about 30 minutes or so in total. The rice should be shiny and al dente. If at any point before the 30 minutes is up or before you’ve incorporated all of the stock the risotto is both al dente and shiny, you can stop adding the stock. Risotto is a touch and feel dish. Reduce the heat to low and stir in the butternut squash, nutmeg, 2 teaspoons of salt, 1 teaspoon of pepper, and the cream cheese and stir for 2 minutes, it should be well combined. Turn off the heat and fold in the reserved 1 tablespoon of butter, parmesan, and gruyere. Taste it and add more seasoning, to taste. If it looks really saucy, don’t panic. The sauce will continue to absorb into the rice as you sear the scallops.