Whisk sugar into milk until dissolved. Add eggs and vanilla to taste and stir. Place bread in mixture and let soak several hours or overnight.
Pour into a pyrex dish or stainless pan. Sprinkle with raisins and cinnamon and push them into mixture.
Bake at 250 degrees for an hour to an hour and a half.
To make sauce: Melt butter and add powdered sugar. Whip bourbon into mixture to create a sauce onsistency. Ladle sauce over hot bread pudding and serve.