Cook Brussels sprouts in boiling salted water to cover 4 minutes; drain. Lunge sprouts into ice water to stop the cooking process; drain.
Cook bacon in a large skillet over medium heat, stirring often, 10 minutes or until crisp; remove bacon, and drain on paper towels, reserving 1 tablespoon dripping in skillet.
Melt buttle in hot drippings over medium-high heat; stir in brown sugar, cinnamon, and nutmeg. Cook, stirring constantly, 1 minute or until sugar is melted and sauce thickens slightly. Stir in Brussels sprouts; cook, stirring often, 10 to 12 minutes or until lightly browned. Add salt and pepper to taste.