Preheat oven to 350 degrees. Soak the bread in milk in a large mixing bowl. Gently mix with hands until well mixed and all the milk is absorbed.
In a separate bowl, beat eggs, sugar, vanilla and spices together. Gently stir into the bread mixture. Add cherries or raisins and mix.
Pour butter into the bottom of a 9x13 inch baking pan. Coat the bottom and the sides of the pan well with the butter. Pour in the bread mixture and let sit for 1 hour to overnight. Bake at 350 degrees for 50 minutes or longer depending on your oven, until set. The pudding is done when the edges start getting a bit brown and pull away from the edge of the pan. You can also make into individual ramekins.
Bourbon Sauce: In a saucepan, melt butter; add sugar and egg, whisking to blend well. Cook over low heat, stirring constantly, until mixture thickens. (Do not allow to simmer, or it may curdle.) Whisk in bourbon to taste. Remove from heat. Whisk before serving. The sauce should be soft, creamy, and smooth