Prepare the night before: grease a 9 inch by 13 inch baking pan. Combine softened cream cheese, syrup, and apples; spread mixture on side of each slice of bread. Butter other side lightly and place in pan. Combine milk, eggs, and cinnamon and beat well; pour custard over bread and chill overnight.
In the morning: Preheat oven to 350 degrees F. Bake for one hour. Serve immediately with additional syrup.
Variation: Substitute white sugar and berries (strawberries are particularly good) for syrup, apples, and cinnamon.