Combine rice and oil in a 1 1/2-quart microwave-safe dish, stirring to coat.

Microwave, uncovered, at HIGH 3 minutes.

Add broth and 1 cup water to rice mixture; microwave, uncovered, at HIGH 9 minutes.

Stir well; microwave, uncovered, at HIGH 6 minutes.

Remove from microwave; let stand 5 minutes or until all liquid is absorbed.

While risotto stands, heat squash in microwave at HIGH 2 minutes or until warm.

Add squash, salt, pepper, and cheese to risotto.

Stir well to combine. Garnish with additional cheese and thyme sprigs