In a wide heavy-based saucepan, heat about 3 tablespoons of the olive oil over medium-high heat until very hot. Add the shallot and pepper flakes and stir until the shallot is barely browned, about 2 minutes. Add the rice, and cook over medium-high heat stirring with long strokes, until you see that each grain has been coated with the oil and looks separate, about another 1 to 2 minutes. Pour in about 1/4 cup of the wine and boil until the wine is almost completely absorbed. Do not let the pot become completely dry; a little liquid should still be on top of the rice.
Add a couple ladlefuls of the hot broth to the rice and stir well every minute or so until almost all of the liquid has been absorbed. To see if it's time to add more liquid, drag the spoon through the rice; if the liquid doesn't immediately fill in the space, it's time to add more. Add another ladleful of stock, the remaining wine, and about a tablespoon of olive oil. Continue to cook, adding more stock as needed and stirring, until the risotto looks creamy but is still al dente, about 20 minutes. Add beet puree, diced beets, and pink peppercorns.
Add a final drizzle of olive oil, the butter, and Parmesan cheese, and stir with a wooden spoon until well combined and cohesive. Season to taste with salt, if needed. Serve in bowls and top with Taleggio cheese. Serve immediately.