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To prepare the sauce: In a heavy-bottomed saucepan, slowly heat the butter and olive oil. Add the diced pancetta and sauté until slightly crispy. This should take about 10 minutes; make sure the heat is not too high. Then add the

Bring the water to a boil in a large pot. To clean whole squid: Rinse thoroughly. Pull the tentacles from the body sac. If using the fresh squid ink, remove the slender, silver ink sack from the strands connected to the