For fresh fava beans, add beans to a large pot of boiling water; return to a boil. Cook, uncovered, until tender, 4-5 minutes. Using a strainer, remove beans to a bowl of ice water to cool. Drain cooled beans; squeeze gently to remove skins. (If using frozen fava beans, prepare according to package directions.), For fresh peas, add peas to boiling water; return to a boil. Cook, uncovered, just until tender, 2-4 minutes. Drain well; place in a large bowl. (If using frozen peas, cook according to package directions.), In a large skillet, heat 1 tablespoon oil over medium heat. Add pancetta; cook and stir until crisp, about 5 minutes. Drain on paper towels, reserving drippings., In same pan, heat remaining oil and reserved drippings over medium heat. Add shallots; cook and stir until tender and lightly browned, 5-6 minutes. Stir in fava beans and heat through. Add to peas; stir in salt, pepper and pancetta. Serve warm.