- Spray 2-quart baking dish with cooking spray.
- Place doughnuts and bread in baking dish. Whisk butter, milk, cream, eggs, sugar and pumpkin pie spice in a large bowl. Pour over doughnuts and bread; let stand 15 minutes. (At this point, mixture can be covered and refrigerated up to 24 hours, if desired).
- Preheat oven to 350ºF.
- Bake pudding for 45 minutes, or until center is set.
- For rum sauce, combine water, sugar, butter, rum and raisins in a heavy saucepan. Bring to a boil over medium-high heat. Stir in cream; reduce heat and simmer for 10 minutes. Pour rum sauce over warm bread pudding.
Brandy can be substituted for the rum.