Cook the pasta according to package instructions. Drain and toss with olive oil to prevent sticking.
Heat a large dutch oven or pot over medium heat and crisp up the diced pancetta (or bacon), until cooked through and crisp. Use a slotted spoon to remove and drain on a paper towel lined plate. Carefully remove grease from pot and wipe clean with paper towels.
Return the pot to the stove over medium heat. Melt the butter then toss in the garlic and cook, stirring, until the garlic is fragrant, but do not let it burn.
Slowly add the flour, one tablespoon at a time, whisking constantly until it forms a thick paste. Keep stirring and cook for about 1 to 2 minutes.
Slowly add the milk, while continuing to whisk constantly so no lumps form. Add the cheese and salt and whisk until smooth and creamy. Add in the cooked noodles and toss to combine.
Serve hot with the pancetta, basil and freshly cracked black pepper on top. Enjoy!