Preheat oven to 425 degrees. Line a muffin pan with 12 muffin liners.
Cream together the butter, vegetable oil and sugars until smooth.
Add the eggs, one at a time, until combined.
Stir in the baking powder, baking soda, nutmeg, cinnamon, salt and vanilla.
Stir the flour into the butter mixture alternately with the milk, making sure everything is combined.
Spoon the batter evenly into the prepared pan, filling the cups nearly full.
Bake for 15-17 minutes or until a toothpick inserted into the center comes out clean.
For the glaze, mix together the butter, powdered sugar, vanilla and water until smooth. When muffins have cooled slightly, dip the muffin crown into the glaze and allow the glaze to harden.