Lowfat Eggnog

4 cups skim milk
1 package (3.4 oz) vanilla instant pudding
1 cup egg substitute, frozen thawed
1 tsp. vanilla extract
1/4 cup rum light
1/4 teaspoon salt
1/4 teaspoon nutmeg

In large bowl, combine 2 cups of the milk and pudding mix; beat 1 minute or until smooth. Add remaining 2 cups milk, egg product, vanilla, rum, salt 1/4 tsp. nutmeg; beat well. Cover; refrigerate until serving time. Serve topped with whipped cream and a sprinkle of nutmeg.