In a medium saucepan over medium-low heat combine milk, heavy cream, nutmeg, and cinnamon. Whisk frequently bringing mixture ALMOST to boiling.

Meanwhile, in a large bowl whisk together egg yolks and sugar.  Gradually add sugar a couple of tablespoons at a time whisking thoroughly before each addition.

Using a ladle add about 1/2 cup of the hot cream mixture to the egg yolk mixture; whisking thoroughly.  Keep adding the hot cream; whisking thoroughly between each addition.  When most of the hot mixture has been combined with the egg mixture (about 3/4 of it) pour it back into the saucepan.

Cook on medium heat until the mixture reaches 160 degrees F; whisking constantly and also making sure to use a spoon for the edges of the pan.

Remove from the heat and whisk in the vanilla. The mixture will be slightly thickened but will thicken more as it cools.

Pour into glasses and lightly dust the top with cinnamon.