Bring large pot of salted water to boil, over high heat. Add pasta and cook until al dente. Drain, reserving cooking liquid.
Fry chopped bacon over medium heat, until crisp. Set aside on paper towels, and drain fat from pan. Add butter to pan over medium heat. Once butter has melted, add garlic and heat 3-5 minutes. Add in peas, milk and cream cheese. Bring to boil and simmer on low for 5 minutes. Add bacon back to pan, along with basil and salt and pepper, to taste.
Toss cooked pasta with sauce, along with reserved pasta water, as needed, to obtain your desired consistency.