Bake pine nuts in a shallow pan at 350°, stirring occasionally, 5 minutes or until toasted. Set aside.
Bring butter and whipping cream to a boil over medium-high heat; reduce heat to medium, and cook, stirring often, 15 minutes or until thickened.
Stir in Parmesan cheese and next 3 ingredients. Add shredded spinach, and cook over low heat, stirring often, until wilted. Spoon over grits or cornbread; sprinkle with pine nuts.