1Preheat oven to 350°. Prepare a 13x9" baking dish with butter and flour.
2Cube (or tear) the donuts and place them into a large bowl.
3In another mixing bowl, combine the sweetened condensed milk, fruit cocktail with its juice, eggs, raisins, salt and cinnamon. Stir to mix well, then pour over the top of the torn up donuts. Cover, and place the soaking donuts into the refrigerator. Allow this so soak for about an hour, until the liquid is soaked up as much as possible into the donuts.
Remove from refrigerator, and pour into the prepared baking dish.
4Dot the top of the donuts with small butter chips.
5Bake for about an hour, testing to make sure the center is cooked and jelled.
6For the Butter Rum Sauce:
Melt the butter and slowly stir in the powdered sugar until it is all blended in and smooth. Add rum to your liking (you could use a teaspoon of any type of extract and a couple Tbsp. of milk here, I'm sure, if you don't care for rum ... maple extract, or lemon extract, or something else, perhaps?)
Heat thru 'til bubbly.
7Pour the hot Butter Rum sauce over each individual serving of the bread pudding.