In a medium mixing bowl, whisk dry ingredients together: flour, baking powder, salt, sugar, cinnamon, nutmeg.
Whisk wet ingredients into dry ingredients: egg, butter, eggnog, milk. Batter should resemble cake or muffin batter but should pour relatively easily. Pour pancake batter into a large liquid measuring cup with a spout.
Spray the interior of your cookie cutters liberally with non-stick cooking spray. Place them on the bottom of a skillet. Heat skillet to medium-low.
Gently drizzle pancake batter into each cookie cutter, filling the cookie cutter about halfway. Place a lid on top of the skillet. Cook for 3-4 minutes.
After 3-4 minutes, lift lid and flip cookie cutters/pancakes using tongs. Be careful not to burn yourself! If the cookie cutter releases the pancake during this step, don't worry. Just remove the cookie cutter and flip the pancake to cook it on the opposite side.
Place lid on skillet for 1-2 minutes. Using tongs, remove fully cooked pancakes from skillet. Allow to cool slightly and using the back of a small spoon and tongs, punch out cooked pancakes from the cookie cutters.
Repeat steps with the rest of the pancake batter. For best results, wipe skillet out with a dry paper towel between batches. Wipe off any residual pancake crumbs from cookie cutters and spray them liberally with cooking spray between batches, as well.