In a measuring cup, combine 2 cups of eggnog and 1 cup of heavy whipping cream, then set it aside.

In a medium saucepan over low heat, whisk together ¾ cup of granulated sugar, ¼ cup of cornstarch, ¼ teaspoon of salt, and ½ teaspoon of ground nutmeg until evenly combined.

Add 4 large egg yolks to the dry mixture, whisking until smooth and creamy.

Gradually pour in the eggnog and cream mixture, whisking continuously until fully integrated.

Place the saucepan over medium heat, stirring constantly with a wooden spoon or a whisk for about 8-10 minutes, or until thickened.

Once thickened, remove from heat and stir in 1 teaspoon of rum extract and 2 tablespoons of unsalted butter until melted.

Cover the pudding with plastic wrap pressed directly onto the surface to prevent skin and chill in the refrigerator for at least 4 hours or overnight.

Once chilled, scoop the pudding into serving bowls and garnish with whipped cream, grated nutmeg, and sugared cranberries.