Step 1: Bring a large pot of salted water to a boil.
Step 2: Meanwhile, bring the wine to a boil in a small saucepan and add the saffron. Remove from heat and let it infuse for 5 minutes.
Step 3: Add the pasta to the boiling water and cook for 12 minutes, or until the pasta is just done.
Step 4: While pasta is cooking, heat the oil and butter in a large frying pan over medium heat. Add the shallots, mushrooms, peppers (optional), salt and pepper. Cook until very lightly browned, about 5 minutes.
Step 5: Add the wine and saffron and boil for 2 mintues.
Step 6: Add the cream, bring to a boil, reduce heat and simmer until slightly thickened, about 2 minutes.
Step 7: If, like me, you reduced the volume of cream, the sauce may be runny. Make a slurry with a tablespoon of flour in two tablespoons water. Stir into the sauce and simmer until slightly thickened.
Step 8: Drain the pasta. Toss it with the sauce, parmesan and parsley. Serve immediately in large pasta bowls.
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