Spray 11×7 inch baking dish with nonstick cooking spray. Place bread cubes in even layer in prepared dish; sprinkle raisins and cream cheese evenly over bread. Beat eggs in medium bowl with electric mixer at medium speed until blended. Add milk, 1/2 cup pancake syrup and vanilla; mix well. Pour egg mixture evenly over bread mixture. Cover; refrigerate at least 4 hours or overnight.
Preheat oven to 350°. Combine sugar and cinnamon in small bowl; sprinkle evenly over strata. Bake, uncovered, 40-45 minutes or until puffed, golden brown and knife inserted in center comes out clean. Cut into squares and serve with additional pancake syrup, if desired. (Serves 6.)