Preheat the oven to 350°F (175°C).

Slice the rolls into 1/2-inch slices. Butter both sides and place them on a baking sheet. Bake for 3 minutes on each side until lightly toasted and dry.

In a large saucepan, combine water, piloncillo, cinnamon sticks, and cloves. Bring to a boil, then reduce heat to create a syrup. Simmer the syrup uncovered for 20 minutes. Remove from heat and let it steep, covered, for 2 hours.

Strain the syrup through a sieve, discarding the cinnamon sticks and cloves. Set the syrup aside.

Spray an 8 x 10 1/2-inch baking dish with non-stick spray. Layer the ingredients in this order: a third of the toasted bread, a third of the raisins, a third of the cheese, and 1 1/2 cups of syrup evenly over the cheese. Wait 15 minutes, then layer another third of the bread, raisins, cheese, and 1 1/2 cups of syrup evenly over the cheese. Let it soak for another 15 minutes, and top with the remaining bread, raisins, cheese, and syrup evenly over the bread. Allow it to set for another 15 minutes before baking.

Cover the dish with aluminum foil that has been sprayed with nonstick spray. Bake for 40 minutes, then uncover and bake until the cheese is golden brown, about 10 to 15 minutes more. Serve warm.