Bring apple juice to a boil. Add 1 tablespoon of cinnamon syrup to the bottom of a 12 ounce mug. Add boiled apple juice. Top with whipped cream, pour caramel syrup generously; let caramel run into juice. Add more whipped cream and caramel, if desired. Sprinkle with nutmeg and cinnamon.
Cinnamon Syrup: Mix all but butter. Boil until thickened. Add butter.