Preheat oven to 325°. Spray an 8-inch square pan with baking spray with flour and line pan with parchment paper.
In a large bowl, whisk together Eggnog, granulated sugar, eggs, and 1 teaspoon vanilla until combined. Fold in bread cubes. Pour into prepared pan, and place pan on a baking sheet.
Bake until a wooden pick inserted in center comes out clean, about 50 minutes. Let cool for 5 minutes.
In a medium bowl, beat 1 cup cream with a mixer at medium speed until thickened, about 2 minutes. Add confectioners’ sugar and nutmeg, beating until soft peaks form, about 1 minute. Refrigerate until ready to serve.
In a small saucepan, bring brown sugar, remaining ¼ cup cream, butter, bourbon, and remaining ¼ teaspoon vanilla to a boil over medium heat; cook for 1 minute. Remove from heat, and let cool slightly.
Using a 3½-inch round cutter, cut 4 servings from bread pudding. Save scraps for another use. Serve warm sauce over bread pudding and top with whipped cream.
Recipe by Taste of the South at https://tasteofthesouthmagazine.com/eggnog-bread-pudding/