Heat the oven to 450 degrees, toast the panettone carefully, then cut into 1" cubes.

Sprinkle a cup of sugar in the ring mold and distribute evenly. Place over a high flame on top of the stove and carmelize the sugar until very dark and smoky. It should be burnt and look like Kero syrup...thick, brown and burnt.

In the meantime, in a separate pan, scald the milk over a low flame. Crack all the eggs into the milk. Add the remaining cup of sugar, a few drops of the vanilla and whisk. The mixture should be foamy on top. Continue to mix and when you see the steam that begins to rise, turn the flame off. It should be warm but not hot.

Place the panettone cubes inside the mold, about 2/3 of the height of the ring mold and press lightly. With a ladle, start soaking the panettone cubes. Do not pour all at once. Make sure the panettone absorbs the custard well. When you start to see that the little cubes are about to float, stop pouring custard and let it sit a little while.

Place the ring mold in a bain marie in a large pan. Pour a little more custard over the top, and place in the middle of the hot oven. Cook for about 45 minutes or until the custard feels firm to the touch. Remove from the oven and let sit in the hot water and serve warm with unsweetened whipped cream or vanilla gelato.