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Start by cracking the eggs, separating the yolks and whites into two bowls.
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Pour the egg yolks into a stand mixer and beat on a medium high speed. Beat the egg yolks until they become think, almost like a cake batter. This will take about 5 minutes.
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Then add the sugar, and mix to combine. Next add the bourbon. Place the mixture in the fridge. This can be made a day ahead of time.
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The following steps need to be completed the day you will serve the eggnog. Use a stand mixer to combine the whipping cream and vanilla, and to whip the cream until soft peaks. Set aside.
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Whip the egg whites into soft peaks. It is important that you use a very clean, dry bowl to do this.
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Then assemble the eggnog. Pour the egg yolk and bourbon mixture into a punch bowl. Then stir in the milk, and fold in the whipping cream and the whipped egg whites.
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Keep the eggnog in the refrigerator until serving. Garnish with cocoa. I put cocoa on the rim of the glasses by dipping the glasses in milk and then dipping them in cocoa.