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Add bread cubes to a single layer on a cookie sheet. Bake them at 220 degrees for around 5 minutes until slightly dried.
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Prepare Syrup:
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Add cranberries, orange juice and sugar to a small saucepan on medium heat. Bring to a low boil and cook until cranberries burst and sauce thickens for around 3 minutes; stirring continuously.
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Allow mixture to cool and begin preparing French Toast.
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{Once cooled, pour through a sifter to remove any cranberry pieces.}
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Prepare French Toast:
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Preheat oven to 350 degrees.
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In a large mixing bowl; whisk together eggs and sugar.
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Whisk in Egg nog, milk, melted butter, nutmeg, cinnamon, vanilla and rum extract.
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Add bread cubes to mixture and lightly stir until coated.
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Allow to set for several minutes.
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Add muffin cup liners to a 12 count muffin tin.
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Lightly spray liners with cooking spray.
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Fill liners halfway with bread mixture, drizzle with cranberry syrup, fill up remainder of muffin cup until full to the top, and drizzle with more cranberry syrup.
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Bake for around 25 minutes until set and lightly golden brown.