1Heat oven to 350ºF. In 2-quart saucepan, heat milk and 1/4 cup butter over medium heat until butter is melted and milk is hot.
2In large bowl, mix granulated sugar, cinnamon, salt and eggs with wire whisk until well blended. Stir in bread cubes and raisins. Stir in milk mixture. Pour into ungreased 8-inch square (2-quart) glass baking dish or 1 1/2-quart casserole. Place casserole in 13x9-inch pan; pour boiling water into pan until 1 inch deep.
3Bake uncovered 40 to 45 minutes or until knife inserted 1 inch from edge of baking dish comes out clean.
4In 1-quart heavy saucepan, heat all sauce ingredients to boiling over medium heat, stirring constantly, until sugar is dissolved. Serve sauce over warm bread pudding. Store in refrigerator.