Preheat your oven to 350°F (175°C).
Make the syrup: in a medium saucepan combine Water with grated or chopped Piloncillo, add a couple of Cinnamon Sticks and a few whole Cloves. Bring to a gentle boil, then reduce heat and simmer 10–15 minutes until the piloncillo dissolves and the liquid thickens slightly; strain and keep warm.
Prepare the bread: slice Bolillos into 1/2-inch thick pieces, spread each slice lightly with Unsalted Butter, and toast them on a baking sheet in the oven or in a skillet until golden and slightly crisp.
Toast and prep toppings: in a dry skillet toast Sesame Seeds briefly until fragrant and set aside. Chop the Roasted Peanuts coarsely and have the Raisins and crumbled Queso Fresco ready.
Assemble the capirotada in a shallow baking dish: arrange a single layer of the toasted bolillo slices, sprinkle with some raisins, chopped roasted peanuts, crumbled queso fresco, and a pinch of toasted sesame seeds. Repeat to build 2–3 layers, ending with a topping layer of bread and a scattering of cheese, nuts, raisins and sesame.
Pour the warm piloncillo syrup evenly over the assembled layers so it soaks into the bread; press down gently with a spatula to encourage absorption. Let the dish rest 10–15 minutes to allow the syrup to penetrate.
Bake uncovered for 20–25 minutes, until the custardy center is set and the top is glossy and bubbling in places. If you like a crisper top, broil for 1–2 minutes watchfully.
Remove from the oven and cool slightly before serving. Serve warm or at room temperature, and finish with extra crumbled Queso Fresco and a sprinkle of Sesame Seeds if desired.
