Bring chicken stock to a simmer in a small saucepan over high heat. Reduce heat to low.
Heat oil and 1 tablespoon butter in heavy medium saucepan over medium-high heat. Add garlic, onion and beets and cook for 2 minutes or until onion is tender. Add rice and stir to coat with oil. Add vermouth, stirring constantly, until most of the liquid is absorbed, about 1 minute. Reduce heat to medium and add 1/2 cup hot chicken stock and stir until most is absorbed. Repeat this process for about 20 minutes, adding stock 1/2 cup at a time, stirring frequently, and tasting toward end of cooking until rice is creamy but al dente (tender, yet slightly firm). (Not all the stock may be needed.)
Stir in lemon zest, cheese, salt, and remaining butter and remove from heat. Serve at once. Pass extra cheese.