Cook pasta according to package direction. In a large skillet, cook sausage in oil and butter over medium heat for 5 minutes. Add red pepper and onion; cook and stir until vegetables are tender and sausage is no longer pink. add wine or broth; cook for 2 minutes. Add the cream, cheese, salt and pepper. Bring to a boil. reduce heat; cook over low heat for 8-10 minutes, stirring occasionally.
Drain pasta. In a large bowl, combine sausage mixture and pasta. Before serving, sprinkle with parsley.