In a pot with tight-fitting lid over medium heat, melt the butter with a drizzle of EVOO. Add the orzo and cook until golden brown, 3-4 minutes.
Stir in the rice, saffron (if using) and stock and raise the heat to bring to a boil. Cover the pot and cook for 17-18 minutes, until tender. Stir in the peas and toasted pine nuts.