In a large bowl, combine ice and cold water. Bowl should be large enough to place your saucepan without having the ice and water slop over the sides and into your cooked eggnog.

In small bowl, whisk together eggs, 1/2 the granulated sugar, and 1 cup of the milk. Combine remaining milk and sugar in a heavy-bottomed 4 quart pot.

Bring milk to a boil over medium high heat. Reduce heat to low and slowly whisk one cup of hot milk into the egg mixture.

In a slow and steady stream, whisk egg mixture into the hot milk. Increase heat to medium hight. Cook, whisking constantly, until mixture reaches 185 °F. Eggnog should thicken and coat the back of a wooden spoon.

Immediately place pot into the ice bath and whisk until cool. Add vanilla and nutmeg. Transfer to a covered container and chill overnight. Serve with a little nutmeg sprinkled onto of the eggnog, if desired. Or with a splash of bourbon or your favorite adult spirit.

*If some of your eggs cooks and your nog is a little lumpy, fear not! Simply strain the eggnog once it cools and serve.