Mexican Capirotada

Preheat oven to 350 degrees F (175 degrees C).

Combine water 2 cups brown sugar and cinnamon sticks together in a saucepan; bring to a boil. Reduce heat and simmer stirring occasionally until sugar is dissolved and liquid has reduced into a syrup about 15 minutes. Remove cinnamon sticks from syrup using a slotted spoon.

Spread butter onto each toasted bread slice. Make 1 layer of buttered bread in a deep casserole dish or oven-proof stockpot. Sprinkle cinnamon nutmeg and cloves over bread layer. Sprinkle 1/4 the raisins 1/4 the peanuts 1/4 the remaining brown sugar and 1/4 the Cheddar cheese over bread layer. Repeat layering with remaining ingredients. Pour cinnamon syrup over entire dish; cover with aluminum foil.

Bake in the preheated oven until cooked through about 30 minutes. Cool for 20 minutes before serving.