In a medium saucepan over medium to medium-low heat, combine the milk, cream, nutmeg, cinnamon, and cloves. Whisk frequently while heating until the mixture is just below boiling.

In a separate large bowl, whisk the egg yolks and sugar together, adding the sugar 2 tablespoons at a time until fully incorporated.

Slowly ladle about ⅓ cup of the hot milk mixture into the egg mixture while whisking constantly to temper the eggs. Continue adding the warm mixture gradually until about ¾ of it is fully combined with the yolks.

Pour the tempered mixture back into the saucepan. Cook over medium-low heat, whisking constantly, until the eggnog reaches 160°F and thickens slightly.

Remove from heat and stir in the vanilla extract.

Serve warm or chilled. Top with whipped cream and a dusting of cinnamon or nutmeg if desired.