In a large bowl, combine eggs, milk, sugar, butter and cinnamon. Add the bread cubes and raisins; mix well. Pour into a greased 11x7-in. baking dish. Bake at 350° for 50-60 minutes or until a knife inserted in the center comes out clean.
In a saucepan, combine sugar, flour and water until smooth. Add butter. Bring to a boil over medium heat; cook and stir for 2 minutes. Remove from the heat; stir in vanilla. Serve warm or cold over pudding.