• 3 cups water
• 2 ¼ cups packed light brown sugar, divided
• 2 cinnamon sticks
• 2 loaves bolillo bread, sliced ½-inch thick, toasted (about 24 ounces)
• ½ cup butter, softened
• 3 cups shredded Oaxaca cheese (about 12 ounces)
• 2 cups peanuts
• 1 cup raisins
• ¼ teaspoon ground cinnamon, or to taste
• ¼ teaspoon ground nutmeg, or to taste
• ⅛ teaspoon ground cloves, or to taste

Preheat the 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 a thin layer of butter onto one side of each toasted bread slice. Shingle bread, butter-side up, to make two rows in a 9×13-inch baking dish. Sprinkle cheese, raisins, peanuts, cinnamon, nutmeg, and cloves over bread. Sprinkle remaining remaining 1/4 cup brown sugar over the cheese. Pour cinnamon syrup over entire dish; cover with aluminum foil. Bake in the preheated oven until cooked through, about 30 minutes. Cool for 15 to 20 minutes before serving.