Combine the 6 cups water, 2 1/2 cups brown sugar, 1 cup raisins, 2 1/2 teaspoons cinnamon, and 1/2 teaspoon cloves in a large saucepan. Bring to a boil, whisking until the sugar dissolves. Reduce heat to medium-low and simmer until mixture has thickened slightly, about 20 minutes.

Melt the butter and pour half into a 9 x 13-inch baking dish. The other half will get drizzled over the top.

Place 6 of the toasted bread slices on the bottom of the baking dish in a single layer. Top with 1/2 cup of the peanuts and 5 ounces (half) of crumbled queso fresco. Ladle half of the syrup over the queso fresco. Layer the remaining toast pieces over the syrup, then the remaining peanuts and queso fresco. Finish with the remaining syrup. Drizzle the remaining butter over everything.

Heat oven to 350°F. Let capirotada sit at room temperature while you wait for oven to heat up. This will give the bread time to soak up the syrup.

Cover baking dish with foil and bake for 30 minutes or until the cheese has melted and the syrup is bubbling in the baking dish. Remove foil and continue baking another 10 minutes.

Top with sliced almonds and sprinkles and serve warm or let cool to room temperature.