Melt butter or margarine in a heavy large pot over medium-high heat. Add onion, allspice, and nutmeg; toss for 1 minute. Add cabbage and apricots. Saute until well coated, about 2 minutes. Add apricot preserves and vinegar. Toss until juices are reduced to glaze and cabbage is crisp-tender, about 6 minutes. Season with salt and pepper. Store, covered, in the refrigerator if making ahead.