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In a medium-sized stockpot, combine the water, piloncillo cones, cinnamon sticks, and cloves. Bring the mixture to a boil over medium-high heat.
Stir occasionally until the piloncillo dissolves completely and the syrup thickens, which should take about 10 to 15 minutes.
While the syrup is cooking, slice the bolillos into approximately ⅓-inch thick slices.
Arrange the bread slices on a baking sheet and place them in the oven for about 15 to 20 minutes, or until they are toasted to a golden brown.
Lightly coat the bottom of a 9×9-inch baking dish with cooking spray to prevent sticking.
Once the bread is toasted, layer it in the prepared baking dish.
Sprinkle raisins, peanuts, and shredded cheese over the top of each layer of bread. Repeat this process, layering the bread and toppings until all ingredients are used.
Pour the hot piloncillo syrup evenly over the assembled layers of bread, ensuring the bread is well saturated with the syrup.
Place the baking dish in the oven and bake for 20 to 25 minutes, or until the cheese has melted and the capirotada is bubbling.
Once done, remove the dish from the oven and allow it to cool slightly before serving. Serve warm, and enjoy the delicious combination of sweet, savory, and cheesy flavors!