In a small pot, bring 5 cups of vegetable stock to a simmer. Keep hot.
In a separate pot or dutch oven, melt olive oil and butter.
Chop one apple into small half inch cubes and sauté for 15 minutes or until the apple is soft.
Add minced shallots and sauté for 5 minutes longer.
Add arborio rice and sauté for an additional minute.
Add white wine to the pot and simmer until the wine has completely evaporated.
Ladle the hot broth, one ladle at a time, into the rice. Stir the rice continuously until the broth is evaporated before adding the next ladle.
Once all broth has been added to the risotto, add salt, nutmeg and cinnamon.
Stir in shredded cheddar cheese.
Adjust for seasoning once more and serve immediately.