Warm the oil in a large skillet over medium heat. Add the shallot and garlic and cook until the shallot is tender and translucent. Do not brown. Add tomato paste and scrape the skillet with a wooden spoon to deglaze the bottom of the pan. Continue to cook the tomato paste until it darkens a bit, about 5 minutes. (Important step to cook the paste.)
Add the cream and red pepper flakes and stir to combine. Transfer the mixture to a blender and blend IF you prefer a smooth sauce and then pour back into the skillet. Or you can use an immersion blender. The sauce can be made up to this point 5 days ahead and stored covered in the refrigerator.
Add vodka to the sauce and cook, stirring constantly, until most of the alcohol has reduced. Remove from heat and season with salt and pepper to taste.
Bring a large pot of water to a boil over high heat. Season the water with a heaping Tablespoon of kosher salt and add the pasta, stirring constantly. Stir until the water comes back up to a boil and lower the heat gradually so that the water is boiling, but not too aggressively. Cook pasta until al dente. Reserve at least 1 cup of pasta water before draining.
Toss pasta with sauce in the skillet, and add butter, and ½ cup pasta water until butter is completely melted and sauce has thickened. Continue to add more pasta water as needed. If you want to serve this without pasta and you have no pasta water, you’ll need regular water or a light chicken stock or vegetable stock instead. Taste for seasoning and toss to coat with Parmesan cheese. Garnish with basil right before serving and add more Parmesan, if desired.