Scald milk; add sugar, salt, and oil. Set milk mixture aside to cool until lukewarm.
Dissolve yeast in water. Combine yeast mixture with eggs and cooled milk mixture. Sift together the flour, cinnamon, and nutmeg. Combine dry ingredients with the liquid mixture; beat until smooth. Cover and let stand for 1 hour in a warm place. The batter will be light and bubbly. Use right away or refrigerate for up to 24 hours.
To cook, stir down batter and bake on greased hot griddle, using about 1/4 cup of batter for each pancake.
About 20 Pancakes
Calories per serving: 95