Combine raisins and 2 tablespoons bourbon in a bowl. Let stand 30 minutes. Drain mixture in a sieve over a bowl, reserve liquid for mixture or sauce.
Preheat oven to 350°.
Spray a 9×13 baking dish with cooking spray.
In a large bowl, whisk together the milk, eggs, 1 tsp cinnamon, nutmeg, 1/2 cup sugar and (reserved bourbon- this is optional, you can skip this step if you like).
Stir in the raisins, then gently fold in the bread cubes. Pour into the prepared pan.
In a small bowl, stir together 2 Tbsp sugar and 1 tsp cinnamon.
Sprinkle on top the bread pudding. Bake 30-40 minutes until puffed and golden brown.
While the bread pudding is baking, make the sauce (bourbon or caramel).
Bourbon Sauce
In a heavy saucepan over medium-low heat, stir together the butter, heavy cream, sugar, salt and bourbon.
Simmer until thickened, whisking often, about 5 minutes. Cool slightly. Pour over bread pudding to serve. Top with vanilla ice cream.
Caramel Sauce
In a heavy saucepan over medium-low heat, stir together the butter, heavy cream, and brown sugar; bring to a boil.
Reduce heat to low, simmer until the sauce thickens, for about 5 minutes. Pour over bread pudding to serve. Top with vanilla ice cream.
* If you can leave bread cubes out for a few hours so they get nice and dry. If not, just place them on a baking sheet and bake them at 350 for 10-15 minutes or until they’re dry but not toasted.
* You can make this the night before and pop it in the oven for breakfast – it actually gets better if it sits overnight!