In a small bowl, mix together the cream cheese, sugar, and 1/8 teaspoon of cinnamon until thoroughly combined. Spread cream cheese mixture onto 4 slices of raisin bread. Top each spread slice with another slice of raisin bread to make 4 sandwiches.
In a shallow bowl, beat the eggs with milk and 1/8 teaspoon of cinnamon. Dip each sandwich into the egg mixture on both sides.
Grease a skillet with butter, and place over medium heat. Brown the sandwiches in the skillet for about 2 minutes per side.