Grease an 8x8 pan. In a large pan over medium heat, melt the butter. Reduce heat to medium-low and add the marshmallows, stirring occasionally once they begin to melt.

Once the marshmallows are melted, stir in the extracts. Mix in cereal until completely coated.

Pour mixture into 8x8 pan. Grease the end of a spatula or back of a metal spoon and use it to press the mixture into the pan, leveling it out.

Cool completely then sprinkle with cinnamon and/or nutmeg. Drizzle with or dunk into eggnog caramel sauce.

In a large, heavy bottomed saucepan over medium heat, melt the sugar until it is a medium-dark amber color. Mix in the butter until melted.

Mix in the eggnog. The mixture will splatter so be careful! Stir continuously until there are no tiny clumps of sugar left. Add the extract and salt.

Transfer caramel to a jar and cool completely. Store in the refrigerator for up to 2 weeks. To use, heat in microwave for 10-30 seconds at a time (depending on how much is left) stirring between each interval until desired consistency is reached.