In a large saucepan, heat the olive oil and 1 tablespoon butter over medium heat. Add and cook the shallots until translucent, about 2 minutes, stirring occasionally.
Add the Arborio rice and continue stirring for another minute. Add the wine and stir until it evaporates, about 2 minutes. Pour in half of the beet juice and let reduce.
Gradually ladle in the vegetable stock in batches, and stir until the stock evaporates. Repeat this step until risotto is al dente, about 16 to 20 minutes. Use the remaining beet juice to finish off the cooking process.
Remove the rice from the heat and mix in the remaining 1 tablespoon butter. Transfer the risotto to a warm plate and sprinkle with freshly grated cheese.
Drizzle the truffle oil over individual plates and serve immediately.