Cut the bread. Into thick slices and allow to stale overnight. You can use Mexican bolillo, baguette, or any other bread with a sturdy crumb.
Make the syrup. Place water, piloncillo, cinnamon, and whole cloves in a pot and boil until a light syrup form. You can also replace piloncillo with brown sugar or molasses.
Fry bread. In a pan with oil, until golden and crispy. Do this step in batches, as they come out of the pan, place in a paper lined plate to absorb excess oil.
Make the layers. In a baking dish, make first a layer of crispy bread, then add raisins, peanuts, and pecans. Last, drizzle with piloncillo syrup.
Keep layering. Add crumbled cheese on top and repeat until all ingredients are gone.
Bake. Heat the oven to 360°F / 180°C. Cover with foil and bake for 40 minutes. Remove foil and keep baking for 5 more minutes or until Capirotada has the top slightly crispy.