Heat butter and oil in a 3-quart saucepan over medium heat. Add onion and cook until tender, stirring occasionally. With a slotted spoon, remove onion to a plate.
Stir flour into drippings remaining in saucepan with a wire whisk until well blended. Cook, stirring constantly, about 5 minutes until mixture is dark brown. Gradually stir in turkey broth and cook over medium-high heat until mixture thickens slightly and boils.
Add turkey, rice, parsley, sherry (if desired), TABASCO® Sauce, salt and cooked onion; simmer 5 minutes to blend flavors, stirring occasionally.
Makes 4 servings.