For the cookie, preheat oven to 375 degrees. Lay a large piece of parchment paper over a 15 inch round cookie sheet (I used stoneware). Set aside.
In mixer, beat Crisco with milk, vanilla and brown sugar until creamy. Add egg. Slowly mix in flour, salt, baking soda, cinnamon and nutmeg. Fold in chocolate chips and m&m's. Press cookie dough onto baking sheet, leaving at least 1 1/2 inches from edge of pan. Bake for 20-24 minutes. Remove and allow to set, cooling completely before frosting.
For the frosting, beat butter with powdered sugar, water, vanilla and meringue powder for 3-5 minutes until fluffy. Using gel food coloring, divide frosting into small bowls and tint to desired color. Pipe onto cookie! ENJOY!