Bring a pot of salted water to a boil, add lobster tails, and cook for 5 to 6 minutes until shells turn red and meat is opaque.
Remove lobster tails, cool slightly, extract the meat, and chop into bite-sized pieces.
Melt 2 tablespoons butter in a skillet over medium heat, add lobster meat, season with salt and pepper, and sauté for 1 to 2 minutes. Set aside.
In a large saucepan, heat olive oil and 2 tablespoons butter over medium heat, then add shallot and cook for 2 to 3 minutes until soft and translucent.
Add minced garlic and cook for 30 seconds until fragrant.
Stir in Arborio rice and toast for 1 to 2 minutes until lightly coated and fragrant.
Pour in the white wine and cook, stirring, until mostly absorbed.
Add warm stock one ladle at a time, stirring frequently, allowing liquid to absorb before adding more stock. Continue this process for 18 to 22 minutes until rice is creamy and tender.
Stir in Parmesan cheese and heavy cream if using.
Fold in the sautéed lobster and cook for 1 to 2 minutes until heated through. Season with salt and black pepper to taste.
Remove from heat and let the risotto rest for 1 minute.
Serve in bowls garnished with fresh herbs, lemon zest, and extra butter or Parmesan if desired.