Preheat the oven to 350 degrees F. Grease a 9 inch round or 8×8 pan and fill with the cubed bread and raisins.
Whisk together 1 ½ cups of the brown sugar, eggs, and milk in a bowl; add vanilla & cinnamon. Pour over cubed bread and let sit for at least 10 minutes.
In another bowl, combine the remaining brown sugar, butter, and pecans. Sprinkle brown sugar mixture over the top and bake for 35 to 45 minutes, or until set. Remove from oven.
For the sauce:
Combine all ingredients in a saucepan over low heat until mixture is blended and smooth. Pour a small amount over each serving of the bread pudding.
Notes
Top with whipped cream or a sugared vanilla bean if you're feeling fancy!