In large saucepan, cook pasta in boiling salted water according to package instructions until al dente.
Meanwhile, fry pancetta on medium heat in skillet until cooked through. Cut into strips. Set aside.
Reserve about 2/3 cup (150 mL) pasta water (you likely won't need it all) before draining the pasta. Return drained pasta to saucepan. Stir in milk and sundried tomato pesto to coat pasta. Mix in pancetta, 1 cup (250 mL) arugula, cherry tomatoes, basil, olives, salt and pepper to taste. Add splash or two of pasta water to moisten, if necessary.
Divide into 4 serving bowls. Top with remaining arugula and Parmesan cheese. Serve immediately.
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