Lighter Bread Pudding

Bread pudding is something I've only had a few times in my life, but I remember it well when I do.  Here's my recipe for this deliciously simple dessert.

1 1/2 Tbsp butter

2 cups fat-free milk
2 eggs
1 egg white
1 Tbsp vanilla
1/2 cup sugar
1 1/2 tsp ground cinnamon
1 1/2 tsp baking powder
1/2 cup dried cranberries
8 oz. Italian bread, torn into small pieces

Sauce:
1/4 cup butter (1/2 of a stick)
1/3 cup sugar
3 Tbsp fat-free milk
3 Tbsp. bourbon (or apple juice)
1 tsp vanilla

1. Preheat oven to 350 deg Fahrenheit.
2. Coat an 11x7-inch baking dish with cooking spray and add melted butter.
3. Combine next seven ingredients in a large bowl.  Whisk until well blended.
4. Add the cranberries and bread, gently stirring to allow the mixture to absorb slightly (do not over mix).
5. Pour mixture into baking dish and bake, uncovered, 35-40 minutes or until knife inserted in center comes out clean.
6. Meanwhile, combine all sauce ingredients besides the vanilla in a small saucepan and heat over medium heat until sugar is dissolved.  Remove from heat; stir in vanilla.
7. To serve, pour sauce over cake OR keep sauce in separate dish for dipping OR pour sauce only over individual servings.
8. Refrigerate any leftovers.