Gather all your ingredients and set up your workstation.
In a saucepan, combine milk, cinnamon, ½ teaspoon vanilla, and cloves. Heat on the lowest setting for 5 minutes, stirring gently.
Increase heat to medium-low and bring the mixture just to a soft boil. Remove the pan from heat.
In a separate bowl, whisk egg yolks until pale. Add sugar and continue whisking until thick and fluffy.
Slowly pour a small amount of the hot milk into the yolks while whisking quickly to prevent curdling. Gradually add the rest, whisking until fully combined.
Pour the mixture back into the saucepan and cook over medium heat, stirring constantly, until it thickens slightly. Do not let it boil.
Strain out the cloves and let the custard cool for about 1 hour.
Stir in the cream, rum, remaining vanilla, and nutmeg. Refrigerate 8 hours to overnight for best flavor.
Serve chilled and enjoy!