While the gelatin cools, with a hand or stand mixer, cream together the cream cheese and sugar. Next add in the cooled gelatin (will resemble a gel), along with the vanilla and eggnog. Mix together until well combined with the mixer. Add the fresh ground nutmeg and whipped topping, and whip until smooth and creamy. (Note: If you would prefer to NOT use store-bought whipped topping, try my
Homemade Cool Whip recipe, which is made with healthier ingredients, no oil or high fructose corn syrup.)