Preheat oven to 350°. In a small saucepan heat milk. Spray a 9 by 13 inch baking dish with nonstick vegetable spray. Place bread pieces into the baking dish and pour over heated milk. Mix until bread absorbs milk; set aside. In a medium mixing bowl, cream butter and sugar. Add eggs, vanilla and cinnamon and beat until fluffy. Stir in apples and add to bread mixture. Bake for 1 hour until golden brown. Pour caramel sauce over baked bread pudding and sprinkle with chopped cashews. Serve warm with ice cream or whipped topping.