Bring large pot of heavily salted water to a boil. Add spaghetti and cook according to package directions.
Five minutes into cooking pasta, start sauce. In large pan, heat olive oil over medium heat. Sauté pancetta until golden, about 4 to 5 minutes. Add shallot and sauté for 1 minute. Add cream, bring to a simmer and add half of the Grey Owl cheese. Cook, stirring, for 30 seconds, then take sauce off the heat.
Drain spaghetti, saving 1 cup pasta water. Add small ladle of pasta water to sauce. (Don’t overdo it. Add just enough to loosen the sauce so it coats the pasta. It should be smooth and glossy.) Add spaghetti, give sauce a good stir, then add a final touch of pasta water to bring it all together. Heat for 1 more minute. Taste it. Between the pasta water, pancetta and Grey Owl, it might not need salt, but if it does, season with a bit.
Using tongs, grab one serving’s worth of pasta and drop it in centre of bowl, twisting as you release to form a sort of nest. Do the same for each bowl.
Reheat any leftover sauce until steaming. Evenly spoon it over each serving. Divide the remaining Grey Owl and scatter over each serving. Finish with a good hit of cracked black pepper. Serve immediately.