In a medium saucepan place the water, cinnamon, whole cloves, and piloncillo (or molasses).
Let it simmer, occasionally stirring until the piloncillo has completely dissolved and a light syrup has formed (about 10 minutes). Strain and set aside.
Fry the bread
In a large frying pan heat a couple of tablespoons of lard or butter.
Working in batches fry the bread until crispy and browned, adding more butter to the pan if needed.
Place bread onto a plate with kitchen paper towels to absorb excess oil.
Once done, fry also the tortillas and set them aside.
Assemble
Arrange the tortillas on the bottom of a baking dish.
Add a layer of fried bread and top with some raisins, peanuts, and pecans.
Drizzle with piloncillo syrup making sure to soak the bread very well.
Nicely sprinkle with some cheese on top.
Repeat the steps until you will place the last layer of bread, then add all the remaining syrup and top with cheese, raisins, and nuts.
Drizzle with melted butter and cover the dish with aluminum foil.
Bake
Heat the oven to 360°F / 180°C. Bake for 40 minutes.
Remove the foil and continue baking for 5 to 10 minutes or until the Capirotada has the top slightly crispy and browned.
Remove from oven and allow to reach room temperature before serving.
Notes
SUBSTITUTES
You can substitute the piloncillo for ⅔ cup of molasses or brown sugar.
You can also use other types of cheese like mozzarella, cheddar, provolone, Monterey jack, etc.
The lard can be replaced with butter or oil if you wish.
LIGHT VERSIONIf you want a lighter version of this Mexican Capirotada recipe, instead of frying the slices of bread you can brush them with melted butter and bake them for about 6-8 minutes at 360 °F (180 °C).