BEAT cream cheese, 1/4 cup sugar, vanilla and cinnamon in large bowl with electric mixer on medium speed until well blended. Add eggs, 1 at a time, mixing well after each addition. Gradually add milk, beating until well blended.

ARRANGE bread in greased 13x9-inch baking dish; sprinkle with 1 cup of the cranberries. Pour cream cheese mixture over cranberries. Let stand 15 minutes. Meanwhile, preheat oven to 350°F.

BAKE 40 to 45 minutes or until golden brown. Meanwhile, bring syrup just to boil in medium saucepan on medium heat. Add remaining 1 cup cranberries and 2 Tbsp. sugar. Reduce heat to low; simmer 10 minutes, stirring occasionally. Cool slightly. Cut casserole into 9 pieces. Serve topped with the cranberry sauce.