In a large bowl, stir warm eggnog, yeast and sugar together. Sit 10-15 minutes or until it starts to bloom (foam).
Stir in egg, oil, half the flour and salt. Slowly incorporate remaining flour 1/4 cup at a time until dough starts to get smooth but still tacky.
Place into a well greased bowl, cover and let rise 1-2 hours or until doubled. Punch down dough, remove from bowl and cut into bite-sized pieces.
for the coating-
Place melted butter into large shallow dish. Stir sugar with cinnamon and nutmeg.
Dip each piece into butter, then sugar and onto a greased 9-inch round cake pan (or bundt pan). Let dough rise another 30-45 minutes.
Preheat oven to 350° F. Bake 20-25 minutes or until edges and top have browned. Remove from oven.
for the glaze-
In a small bowl, stir powdered sugar, ground nutmeg, and eggnog together until smooth. Remove bread from pan and place on a serving dish. Drizzle glaze over warm pull apart bread and serve.