In the bowl of an electric mixer, combine flour, sugar, dry yeast, and salt. Pour in warm eggnog, eggs and and using the dough hook, mix it all together. At the end slowly add softened butter. Dough will be sticky, but not too sticky. It should be pulled away from the sides of the bowl when using spatula to scrape the dough down. If it's too sticky add 1 or 2 tablespoons of flour.
Leave the dough in the bowl and cover with plastic food wrap. Allow rising for about an hour or two, or until the dough has doubled.
Combine light brown sugar, cinnamon,nutmeg and softened butter in a bowl. Mix it with a hand mixer until well combined.
Turn out dough on a lightly floured surface and dust the dough with flour too. Use a rolling pin to roll into a 16×20 rectangle.
Spread the mixture evenly over the surface of the dough. Starting from onelong edge, tightly roll the dough into a log. Cut the log into 16 equal sized rolls, using a sawing thread.
Place the cut rolls in the butter greased baking dish 9x13 inch large. Cover them with a towel and let them rise for 30 minutes, or until they double.
Preheat the oven to 350 °F ( 177 °C). Bake for 20-25 minutes or until light golden brown on top.
In a small bowl, place softened butter and softened cream cheese and mix until creamy. Add powdered sugar, eggnog, vanilla paste and mix until combined.
When the cinnamon rolls are baked, spread the Eggnog icing over the warm rolls. Allow the icing to set and serve with your favourite eggnog drink!