Heat the oil in a large, heavy bottomed skillet over medium heat, then add the bacon and sautee it until just starting to crisp. Stir in the garlic and red pepper, and cook for another minute or so.
Add the vodka, then the tomatoes and tomato paste, and cook for about 3 - 5 minutes, then stir in the peas, mascarpone and cream and let simmer for about 15 - 20 minutes.
Stir in the basil and parmesan, then remove from heat.
Let the sauce rest while you boil your pasta to al dente, then drain it and toss together with the sauce.