Saute pancetta or bacon in skillet. Remove and crumble. Keep drippings. Add chopped sage leaves and saute until sorta crispy. Set aside.

In same skillet with bacon drippings, add olive oil and saute onions over moderately high heat, stirring, until softened but not too browned, about 6 minutes.

Transfer onions to a large saucier and add stock, thyme sprigs and bay leaf. Simmer about 15 minutes. Add squash and simmer another 10 minutes.

Pick out and discard the thyme sprigs and bay leaf. Add salt and pepper. Using stick blender puree until thick and creamy-smooth. Tilt pan if necessary while blending.

Stir in the heavy cream and season with salt and pepper. Add more broth if too thick.

Ladle into bowls. Garnish the soup with the bacon and sage bits.

The soup and roasted pancetta can be refrigerated for up to 2 days. Reheat the soup and recrisp the pancetta before serving; the soup may need to be thinned with stock or water.