To make gingerbread caramel sauce, add water and sugar in a saucepan.
Bring it to a boil and keep wiping the crystals that accumulate on the sides of the saucepan.
Keep the mixture boiling until it turns to amber color. It may take 5 minutes.
Remain careful, and don’t burn the caramel. Once it reaches an amber color, it may burn quickly.
Remove it from heat and immediately mix butter, cream, nutmeg, cinnamon, salt, and molasses.
Blend the eggnog, caramel, gingerbread cookies, nutmeg, cinnamon, ginger, and ice cream until smooth.
Drizzle the gingerbread caramel in the glasses and pour a milkshake.
Garnish with gingerbread cookies and serve.