Butter a 2 quart baking dish
In a saucepan, combine the 2 tablespoons butter, cream and milk. With the flat side of a butter knife, scrape the vanilla seeds into the cream and toss in the pods. Add the brown sugar, heat over medium-low heat until the sugar dissolves. Remove from the heat and allow to infuse and cool for 15 minutes.
In a saucepan, combine the preserves with 1 cup water over medium-high heat and bring to a simmer. Add the rhubarb and lower the heat, simmer for 5 minutes or until the rhubarb is starting to become tender. Remove from the heat and set aside.
In a bowl, whisk the eggs, vanilla extract and cloves together.
Remove the vanilla pods from the cream mixture and discard. Slowly whisk the cream mixture into the egg mixture.
Layer half of the bread in the prepared baking dish. Scoop the rhubarb out of its poaching liquid and layer ⅔ of the rhubarb over the bread. Reserve the poaching liquid.
Layer the remaining bread over the rhubarb. Pour the egg/cream mixture over the bread. Press down gently to make sure all of the bread has absorbed the cream mixture.
Set the baking dish aside for 30 minutes to allow the bread to absorb the liquids fully. Layer the remaining rhubarb over top.
Preheat the oven to 350ºF.
Place the baking dish inside a large roasting pan and fill the roasting pan with enough water to reach half-way up the side of the bread pudding dish. Bake for one hour or until the pudding is golden brown and set.
While the bread pudding is baking, simmer the poaching liquid over high heat until reduced, about 10 minutes. Serve the syrup alongside or drizzled over the bread pudding.