Preheat oven to 375 degrees Fahrenheit.
Heat the olive oil and butter in the skillet over medium heat. Add the shallots or onion and let them sweat for a couple minutes.
Stir in the spinach and cream, then add a sprinkling of salt and pepper. Add the nutmeg. Continue to stir the mixture until the spinach is cooked and the cream has thickened up a bit, around 4 to 5 minutes.
Spoon a generous tablespoon of the cooked spinach into each muffin tin cup. Crack an egg into each cup. Sprinkle salt and pepper on top. Add a couple drops of green food coloring on top of each egg.
Bake the eggs in the oven until the yolks are set, around 15 minutes. Remove from oven and allow the baked eggs to cool in the muffin cups.
Remove the eggs from muffin cups with a small spatula. Put each egg on a plate to serve. Serve with the buttered toasts if desired.