Step 1Bring a 4-quart saucepan of water to boil. Blanch the cipollini for about 30 seconds in the boiling water, just enough to loosen the skins. Drain and shock in an ice bath, then drain again and dry. Trim the tops and remove the outer layer of skin. Set aside.
Step 2Heat a large saute pan over medium-high heat. Add the butter and oil and allow the butter to melt, swirling the fats so they coat the bottom of the pan. Add the cipollini in a single layer. Season with 1 teaspoon salt and a couple grinds of pepper, or to taste. Saute the cipollini just until the tops and bottoms are caramelized, about 2 minutes on each side.
Step 3Remove the pan from the heat and add just enough wine to cover the cipollini by about two-thirds. Return the pan to medium-high heat and bring the wine to a simmer. Reduce the heat to maintain a gentle but steady simmer and braise the cipollini until the wine is reduced to a glaze that will coat the back of a spoon, 25 to 35 minutes depending on the heat and pan. Take care during the last few minutes not to scorch. Remove from the heat, and serve immediately.