Melt butter, add sugar, and water, let cool slightly. Slice apples and put on top of mixture. Slice bread in half and place over apples. Beat together eggs, milk and vanilla. Pour evenly over bread, making sure bread is wet. Sprinkle tops of bread with cinnamon. Bake for about 50-75 minutes (350 degrees) or until bread is golden brown.
Serve with syrup. (You can also top with fresh fruit if desired.)