Place a large saut pan over medium-high heat. Add the olive oil and red onion and saut until the onion is translucent, about 5 minutes. Add the garlic and jalapeno and continue to saut for another 10 minutes, until the onion is browned and the jalapeno is tender. Add the rice and toss with the oil, onion, and jalapeno mixture until well coated and the rice just begins to turn golden.
Add 1 cup of broth and stir until absorbed. Add the next cup of broth and stir until absorbed. Add the third cup of broth and the chopped asparagus. The asparagus will cook as the broth is absorbed. Add the fourth cup of broth, making, making sure to test the rice for doneness. Risotto should be served al dente and "brothy" so don't let all the broth be absorbed. If the rice is still not cooked, add 1 more cup of broth.