1/8 cup butter or margarine (1/4 stick)
3 cups granulated sugar
1 cup eggnog (full strength - no "lite" eggnogs)
6 ounces white chips (about 1/2 package)
    or 6 ounces butterscotch chips (about 1/2 package)
1 1/2 cups mini-marshmallows
1 cup almonds, chopped (optional)
1/2 teaspoon nutmeg
1/2 teaspoon cinnamon

Line a 9-inch square pan with aluminum foil and set aside. Keep butter chilled in the refrigerator.

Spray sides of a large saucepan with butter-flavor nonstick spray (e.g. Butter Flavor PAM).

Heat eggnog and sugar at medium setting. Bring to a rolling boil (medium to medium-high heat) while stirring constantly with a wooden spoon. Boil for 2 full minutes by the clock. Now fold in the marshmallows, cinnamon, and nutmeg; the boil will probably stop until the marshmallows completely dissolved. Bring back to a rolling boil for another 6 full minutes by the clock (start timing once the boil resumes). Stir continuously.

The mixture will start to turn brown during the boil. If you get brown flakes in the mixture then turn down the heat a little.

Remove from heat and add the butter, chips, and nuts. Stir like crazy until thoroughly mixed or until it starts to lose it's glossy appearance. Pour into prepared pan. At this point you may want to sprinkle a little nutmeg on the surface.

Cool at room temperature. Remove from pan, remove foil, cut into squares.

NOTE: "Light" eggnog contains more water than full body eggnog and may require an additional boiling (before the addition of marshmallows). Since this is difficult to judge for the novice fudge maker, I recommend you only use full strength eggnog.

NOTE: Butterscotch Chips? Yes. You read it right. Nestle's sells butterscotch flavored chips along with their semi-sweet chocolate and white chips. Butterscotch adds a mildly "spicy" taste to this fudge. Worth trying...