To make the syrup, combine the sugar and ¾ cup of water in a saucepan and stir to dissolve the sugar. Heat over medium heat, stirring occasionally, until the mixture is boiling. Let simmer until the mixture is clear, about eight minutes. Pour into a jar and cool. Refrigerate until cold.
For the punch, whisk the milk and the ice cream or the heavy cream together in a large pitcher or punch bowl until it is blended. Stir in the spirits and the simple syrup to taste. Refrigerate until thoroughly chilled. To serve, pour into highball glasses and grate the nutmeg on top.
For individual servings, mix a half jigger of bourbon and a jigger of brandy in a shaker. Fill the rest with milk and cream, and a teaspoon of simple syrup. Shake. Strain into glass and top with grated nutmeg.
Recipe by How to Decorate at https://www.ballarddesigns.com/howtodecorate/2015/11/recipe-bunny-williams-milk-punch/