Heat the pasta water with a teaspoon or 2 of salt in a large pot. *please note you will be saving some pasta water to make the sauce so don't dump it by mistake!
In a large skillet, heat the oil on medium/high heat. Add pancetta or chopped bacon to the pan and crisp it up for 4-6 minutes or until desired doneness.
Separate the egg yolks, keep the egg whites for breakfast. Beat the eggs and add half of the cheese to the egg yolks. Once the water has reached a rolling boil, add the dry pasta, and cook, uncovered, at a rolling boil.
Once the pasta is al dente, reserve 2 cups of the pasta water and set aside. Drain the pasta and add it back to the hot pot it was boiled in. Make sure the heat is off on the stove. It's the heat of the pasta that will heat the eggs sufficiently to create a creamy sauce.
Quickly add in the egg/cheese mixture and about 1/2 cup of pasta water at a time. Toss the pasta together until a creamy sauce forms, you can add more pasta water as needed to spread the creamy sauce. Add in the rest of the cheese, toss in the bacon or pancetta. Serve immediately and sprinkle basil on top. Enjoy!