Start with the cooked base for the Eggnog:

Be careful to watch for scorching or boilovers throughout the heating process and heat gently so as not to cause the egg to seize after it is added.

In a large bowl, beat or thoroughly whisk egg yolks until lightened in color. Add the sugar and continue to beat or whisk until light and fluffy.

In the meantime, heat the milk and cream in a medium-sized saucepan over medium-low heat until steaming hot, stirring often. Slowly drizzle in a portion (about 2 cups) of the hot milk/cream into the egg yolks, whisking constantly, then add the egg yolk mixture into the pan, again, whisking constantly.

Raise the heat to medium and cook, stirring until the mixture begins to simmer (do not boil) and has thickened enough to coat the back of a wooden spoon. Run a fingertip across the back of the spoon; the mixture should not fill in the void left behind by the finger swipe.

Remove from the heat and stir in the vanilla. Place a strainer over a bowl and pour the hot mixture through to remove any hardened bits of egg. Cover and refrigerate until well chilled; mixture will thicken more as it gets cold.

To complete the Eggnog:

Gently stir your chilled base just to loosen it a bit. Do not overmix or cause any bubbles to form. Fold in the milk or milk/alcohol mixture.

Beat whipping cream to soft peaks; fold half into your base mixture. Beat the rest of the whipping cream to stiff peaks. Dollop in small spoonfuls across the top. Serve with grated nutmeg.