In a saucepan, combine milk, cream, cinnamon, vanilla bean, vanilla seeds, and nutmeg. Bring to a boil over medium heat. Once boiling, remove from heat and allow to steep.
In a large bowl or stand mixer, beat egg yolks and sugar until thick ribbons form. Temper in the warm milk mixture and continue to mix until the mixture is combined and smooth. Add No'Lasses and stir. Refrigerate until cool. This mixture may be stored at this point for up to 3 days.
Before serving, beat the egg whites in a large bowl or stand mixer until soft peaks form. Gently fold into eggnog until combined. Serve and garnish with freshly grated nutmeg.