Preheat your oven to 350°F (175°C).
Toast the bread slices until they are slightly crispy. You can do this in a toaster or on a baking sheet in the oven for about 8-10 minutes. Set aside.
In a saucepan, combine the water, piloncillo (or brown sugar), and cinnamon stick. Heat over medium heat until the piloncillo dissolves and the mixture becomes syrupy. Remove the cinnamon stick and set the syrup aside.
Take a baking dish and lightly grease it with the melted butter.
Start assembling the capirotada by layering half of the toasted bread slices on the bottom of the baking dish.
Sprinkle half of the grated cheese, nuts, and dried fruits over the bread.
Pour half of the syrup evenly over the layers.
Repeat the layering process with the remaining bread, cheese, nuts, dried fruits, and syrup.
Cover the baking dish with aluminum foil and bake in the preheated oven for about 25 minutes.
Remove the foil and continue baking for an additional 10-15 minutes, or until the top is golden brown and the cheese has melted.
Once done, let the capirotada cool for a few minutes before serving.
Optional: Sprinkle some ground cinnamon on top for an extra touch of flavor.
