In a sauce pan, bring water to a rolling boil. Slowly add in polenta. Let simmer for about 10 minutes. The polenta will thicken up.
In a separate pan, add olive oil, onions, bacon, and bell pepper. Saute until bacon is cooked.
Drain the bacon fat from the mixture. Add into polenta pan. Mix in butternut squash puree. Once combined, stir in goat cheese, salt, and pepper. Adjust spices to desired flavor. Add in some red chile flakes for a little kick!