Heat oven to 350°F. Combine bread and raisins in large bowl. Combine milk and 1/4 cup butter in 1-quart saucepan. Cook over medium heat until butter is melted (4 to 7 minutes).
Pour milk mixture over bread; let stand 10 minutes.
Stir in all remaining pudding ingredients. Pour into greased 1 1/2-quart casserole. Bake for 40 to 50 minutes or until set in center.
Directions for Sauce:
Combine all sauce ingredients except vanilla in 1-quart saucepan.Cook over medium heat, stirring occasionally, until mixture thickens and comes to a full boil (5 to 8 minutes).
Stir in vanilla
To serve, spoon warm pudding into individual dessert dishes; serve with sauce.Store refrigerated.