1. Cut the bread (day-old bolillo or white brioche-style loaf is best) into slices about 1.5 cm thick, butter them thinly on both sides and toast on a tray at 180 °C for 10-12 minutes, turning halfway, until golden and crisp.
2. For the syrup, bring the water to the boil with the chopped piloncillo, cinnamon sticks and cloves and simmer for 10-15 minutes until the piloncillo dissolves and the syrup thickens slightly; strain. If you have no piloncillo, dark cane sugar stands in.
3. Roughly chop the peanuts and crumble the cotija cheese. If you have no cotija, feta is a good substitute – salty cheese with sweet syrup is the signature flavour of capirotada.
4. Lay a third of the bread slices in a buttered ovenproof dish, scatter with a third of the raisins, peanuts and cheese and drizzle with a third of the syrup.
5. Repeat the layers twice more, finishing with cheese and peanuts on top; pour the remaining syrup evenly over and leave for 10 minutes to soak in.
6. Cover with foil and bake at 180 °C for 25 minutes, then uncovered for another 10 minutes until the top is toasted. Serve warm.
Tip: Capirotada is at its best when the bread stays slightly crisp on the outside – that's why you toast it first, otherwise it goes mushy.
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