Combine milk and molasses in a saucepan; mix well. Add remaining ingredients. Cook over medium heat, stirring constantly, 10 minutes or until thickened.
Pour pudding into a greased 1-quart casserole. Bake, uncovered, at 300° for 1 hour. Spoon into serving bowls; serve hot.
Note: Traditionally, Indian Pudding bakes for several hours. Baking time for this recipe has been decreased to meet today's more efficient standards of food preparation.