Preheat the oven to 325°F. Slice bread into 1-inch thick chunks and spread on a baking sheet. Heat in warm oven until dry and toasted- (Leave oven on.)
In a saucepan, dissolve piloncillo in 4 cups water with cloves (if using) and cinnamon. Add margarine.
Line deep baking dish with one-third of the bread and top with one-third of the cheese, one-third of the raisins, and one-third of the peanuts. Repeat to make 3 layers. Remove whole spices from piloncillo syrup and pour over entire mixture. Sprinkle colaciones on top.
Bake for 45 minutes. Serve warm or chilled.