Line a 8x8 pan with parchment paper, with two edges hanging over the sides, and light grease. Set it aside.
Add the sugar, corn syrup, butter, and salt to a large, heavy bottomed pot and heat it over medium on the stove top. Stir occasionally as the mixture comes to a boil. 2 cups granulated sugar, 1 cups light corn syrup, 1/2 cup unsalted butter, 1/2 teaspoon salt
2 cups granulated sugar, 1 cups light corn syrup, 1/2 cup unsalted butter, 1/2 teaspoon salt
Once boiling, very slowly add the eggnog a little at a time, about 1 TBS every 30 seconds, stirring constantly. It will take between 10 and 15 minutes to add each can, and you need to stir the whole time so the milk doesn't lower the temperature of the mixture. 12 oz Eggnog
Once all the eggnog has been added, add in a candy thermometer and continue cooking, stirring constantly until the mixture comes between 245 to 250 Fahrenheit.
Once the temperature is reached remove from the heat and stir in the vanilla extract, nutmeg, and cinnamon. 1 tsp vanilla extract, 1/2 tsp ground nutmeg, 1/4 tsp ground cinnamon
Pour the mixture into the prepared pan, and spread out the top as needed.
Let the caramels cool until totally set, you can freeze for about 30 minutes, or refrigerate it for a couple hours to speed it up. (They may get too hard in the fridge if left too long, remove from the fridge and let it sit at room temperature for a couple hours to soften a bit) Cut and serve.
Wrap individual caramels in waxed paper, or cello wraps squares by rolling up, then twisting each of the ends to close. Caramels will stay good at room temperature for a few weeks.