HEAT oven to 350°F. Coat 9-inch square baking dish with no-stick cooking spray.
CUT croissants in half lengthwise. Spread each half with about 1 tablespoon preserves. Replace tops. Cut into small strips. Place in prepared baking dish. Using small spoonfuls, dab remaining preserves on top.
WHISK eggs. Whisk in sweetened condensed milk, water, butter, vanilla and cinnamon until blended. Pour over cut-up croissants. Press larger pieces down into the liquid. Let set 5 minutes.
BAKE 45 to 50 minutes or until knife inserted in center comes out clean. Cool 15 minutes. May be served sprinkled with powdered sugar or with a dollop of whipped cream, if desired.