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Peel squash. Halve lengthwise. Remove seeds and discard. Cut squash into 3/4-inch pieces.
Combine squash, broth, water and ground red pepper in a large pot. Cook, covered, over medium heat for 20 minutes or until squash is tender.
Transfer 2 cups of the squash and broth mixture to a blender or food processor. Carefully blend, covered, until smooth. Repeat with remaining cooked mixture, blending 2 cups at a time.
Return blended mixture to the pot. Bring just to boiling. Immediately reduce heat. Simmer, uncovered, 5 minutes. Add the butter (or margarine); stir until just melted.
Meanwhile, prepare the ravioli according to package directions. Drain. Ladle hot soup mixture into bowls. Divide cooked ravioli among bowls. Drizzle with molasses.