Spray a nonstick skillet with cooking spray and place over low heat.
In a small square dish, pour 1 cup of egg nog.
Place one piece of bread in eggnog. Allow to sit 1 minute.
Turn over.
Sprinkle soaked side with nutmeg.
Place in preheated skilled, nutmeg side down.
Sprinkle nutmeg on the side that is up in the pan.
Cook for 1-2 minutes, until golden brown.
Using a thin spatula, flip toast over and continue to cook 1-2 minutes, until golden.
Remove to plate, and serve immediately.