In the bowl of a stand mixer fitted with the paddle attachment, beat butter and sugar until light and fluffy. Add the egg, vanilla, butter flavoring, and almond extract and mix until incorporated.
In a large bowl, whisk together flour, baking powder, nutmeg, and salt. With the mixer on low, incorporate the flour mixture in two additions, scraping the sides of the bowl with a rubber spatula. Mix just until incorporated. Form the dough into a disc, wrap tightly in plastic wrap, and refrigerate for a few hours or overnight.
Remove the dough from the fridge and set out at room temperature for 20 minutes. Position two oven racks close together in the center of the oven and preheat oven to 300 degrees F. Line two cookie sheets with parchment paper.
Separate the dough into four sections and roll each out separately to 1/8 inch thick. Dip cookie cutter in flour and cut animal shapes out of the dough. Place cookies 1 inch apart on the parchment-lined sheets and bake until lightly golden on the edges, approximately 10-12 minutes. Cool completely on wire rack.
In a microwave safe bowl, melt the white chocolate in 10-second intervals in the microwave or place over a double boiler. Using a fork, dip each cookie in the chocolate until completely coated. (Once you're halfway through the cookies, add food coloring to the chocolate to the desired pinkness and finish coating the cookies.) Place on parchment paper, sprinkle with nonpareils, and let dry.
For quicker drying or if you live somewhere warm, like me, place cookies in the fridge to dry. Cookies will keep stored in an airtight container at room temperature for 4-5 days. I kept mine in the fridge to keep them safe from the warm weather we've been having here.