Using a pitcher, bowl, or container with a pour spout, combine milk, cream, vanilla extract, caramel syrup, cinnamon and nutmeg. Whisk or stir with a spoon until completely mixed.
Store covered in the refrigerator until ready to serve.
Pour caramel into squirt bottle (if not already) or use a spoon and drizzle caramel around the inside of two 8-ounce drinking glasses. Place glasses in freezer for five minutes, then store in the refrigerator until serving.
To serve, stir flavored milk mixture if it has been standing for more than 5 minutes. Divide mixture evenly between the two garnished glasses.
