COMBINE water, wine and bouillon in large measuring cup; set aside.
HEAT oil in large, nonstick skillet over medium-high heat. Add onion and garlic; cook, stirring occasionally, for 4 minutes or until onion is tender. Stir in rice; cook, stirring frequently, for 2 minutes. Stir in pumpkin and thyme.
STIR in 1 cup broth mixture. Reduce heat to medium; continue adding broth mixture, 1 cup at a time, allowing each addition to be absorbed before adding more broth. Rice should be tender but firm to the bite and mixture should be creamy. This should take 20 to 25 minutes. Stir in cheese and butter until melted. Season with pepper.
VARIATION: For Pumpkin Mushroom Risotto, add 4 cups (about 12 ounces) wild mushrooms (mixture of shiitake, oyster and crimini) with the onion and garlic and proceed with recipe.