heat olive oil in large skillet over medium heat. add shallot and garlic and cook, stirring occasionally, until softened, about 5 minutes. meanwhile, cook pasta in a large pot of boiling heavily salted water, stirring occasionally, until al dente.
add tomato paste and cook, stirring occasionally, until the paste is brick red and starts to caramelize, about 5 minutes.
add vodka and cook, stirring constantly, until liquid is mostly evaporated, about 2 minutes.
add cream (and red pepper flakes if you want) and stir until well blended. season with salt and pepper and remove from heat.
drain your pasta, reserving 1 cup pasta cooking liquid (or you can scoop your pasta directly into your sauce like i do). add pasta to skillet with sauce along with butter and about ½ cup pasta cooking liquid. cook over medium-low heat, stirring constantly and adding more pasta cooking liquid if needed, until butter has melted and a thick, glossy sauce has formed, about 2 minutes. season with salt and pepper and add the parmesan, tossing to coat.
divide pasta among bowls, then top with basil and more parmesan.