in a flat bowl sprinkle gelatin over water and let soften

In saucepan warm eggnog over med heat just till tiny bubbles form around the edges. Scrape the gelatin into the pan and whisk until completely dissolved. Whisk in the nutmeg and rum and pour into the molds sprayed with cooking spray. Cover with plastic wrap and refrigerate.

For caramel sauce heat 1/2 cup sauce with 1/4 cup with rum. Drizzle over Panna Cotta and serve