1. For the piloncillo syrup: In a pot over medium heat, combine piloncillo, water, cinnamon, star anise, and cloves. Cook over medium heat until a thick syrup is formed. Let piloncillo syrup cool.
2. For the capirotada: In a skillet over medium heat, melt butter. Fry bolillo slices for 2 minutes on each side and set aside or use Northgate Market® sliced toasted bread for capirotada instead.
3. On a ceramic baking dish, arrange bolillo slices and pour in piloncillo syrup. Add almonds, shredded coconut, and raisins on top. Repeat the layers until all the ingredients are used up and bake at 356 °F for 15 minutes. Garnish water bolillo capirotada with sprinkles.
4. Serve bolillo capirotada with a glass of milk on the side.