You've got to have some eggnog handy for this one at this time of year! Some of the famous Rimini Eggnog would make it even better! Illegal but better! LOL
1 cup eggnog
1/2 cup butter, softened
1 teaspoon ground nutmeg
2 cups 10X sugar
2 tbsp eggnog
In a mixing bowl, combine the first five ingredients. Mix. Pour into a greased and floured 12-cup fluted tube pan. Bake at 350 degrees F for 40-45 minutes or until a toothpick inserted near the center comes out clean. Cool in pan for 10 minutes; invert onto a wire rack. Remove from pan; cool completely.
Combine sugar and eggnog. You may need to add more eggnog to get it to the consistency you want. Spoon over cake.